Cryptocurrency News

Beijing’s disinterest for bitcoin mining spreads to Inner Mongolia, miners may face ‘social credit blacklist’ – regulation bitcoin news

According to a recent report, Beijing’s recent crackdown on the cryptocurrency industry has found its way into Inner Mongolia. Internal Mongolian authorities plan to impose harsh penalties for bitcoin mining operations using the region’s grid without the permission of the authorities.

The new rules aim to ‘punish bitcoin miners’

A regional Report good Inner Mongolia’s top economic planner has revealed new rules against operating bitcoin mining facilities in the region, as published by South China Morning Post contributor Coco Feng.

The new draft rules are available for public review until 1 June and it recently follows internal Mongolian authorities Ask residents To report illegal bitcoin data centers to the government. Beijing wants the Mongolian Autonomous Region of mainland China and even the People’s Republic of China to become carbon neutral by 2060.

Feng details that Inner Mongolia officials plan to target “industrial parks, data centers, telecommunications companies, Internet firms, and even cyber cafes”. news recently Reported How cybercafes in China are mining cryptocurrency for additional income.

The purpose of the news rules is to “punish bitcoin miners or those providing resources to miners” by taking advantage of several promotions. Criminals could be added to China’s “social credit blacklist” which would prevent them from obtaining finance loans and other benefits in the country.

Other punishments include:

Revoking business licenses, and even shutting down their businesses altogether.

Walking the path of ‘de-china-isation’

Wang Xuan, an associate professor on blockchain at Xi’an Jiaotong University, elaborated that the crypto market is slowly moving away from mainland China.

“We are seeing the cryptocurrency market following a path to ‘de-China-isation’ – first on trading and now on computing power, a series of strong steps taken by Beijing against cryptocurrency and bitcoin mining last week Based on, “Juan explained. Tuesday.

In addition, cryptocurrency firms have been Leave china During the last few days. Huobi and OKX stopped offering specific services to mainland customers and were followed the next day by and Hashco. Some have even Implied That Chinese miners will sell “cheap” mining equipment in the near future.

What do you think of Inner Mongolia after Beijing’s recent crackdown on the cryptocurrency industry and bitcoin mining? Tell us what you think about this topic in the comments section below.

Tag in this story

2060, Beijing, Bitcoin, Bitcoin (btc), Bitcoin mining, Blacklist, carbon neutral, China, Coco Fang, De-china-isation, Inner Mongolia, a punishment, Scmp, Social credit blacklist, Wang juan

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