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Warns State-Owned Companies to Avoid Cryptocurrency Mining -Breaking

by Mike Robinson

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China’s Mining Policy is Toughened: China Warns State-Owned Businesses to Stay Away from Cryptocurrency Mining

Chinese authorities declared that crypto transactions within the country were illegal in September. They also announced that they will eliminate mining digital assets. China has intensified its crypto crackdown since then. This led to the Great Mining Migration.

On Saturday, November 13th, China’s Central Commission for Discipline Inspection stripped Xiao Yi, a former member and vice-chairman of the Jiangxi Provincial Political Consultative Conference, of his position.

Xiao Yi was also removed from the communist party because he allowed cryptocurrency mining.

Chinese authorities warned all state-owned businesses to stop mining activities in an open letter dated 16 November. The Chinese authorities have called mining an “extremely harmful” practice that threatens its carbon emissions goals.

Meng Wei is a spokesperson from the National Development and Reform Commission. He said that those companies which violate the ban would have to pay higher electricity rates.

Flipside

  • The intensified crackdown against mining activities is not the only thing that has changed. China has pushed for McDonald’s and other corporations to increase their use of the Digital ahead of the Olympics.

Meng added that for China to reach its carbon emissions goals, the nation must “strictly prevent (mining) from rising from the ashes.”

As news of China’s renewed crackdown emerged, Bitcoin tumbled by almost 9%, reaching an interday low of $59,016, its lowest point since October 28th.

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