China ordered state-owned enterprises to stop all cryptocurrency mining activities. The intention is to enforce harsh sanctions on those firms who do not comply with this order, which could include higher energy costs.

Meng Wei is a spokesperson of the National Development and Reform Commission. She stated that it intends to regulate BTC mining and allow state companies to participate in this activity.

Recently, the NDRC organized a session to discuss the topic. It oversees policy-making for mining. This has also increased pressure on the provinces and cities to probe and examine mining activities carried out by state-owned entities.

Bitcoin miners have been at the end of China’s stringent policies this year 2021, with the government blaming them for incidents like energy wastage and deadly coal mining accidents as the country strives to fulfill its carbon-neutral goals.

The intensified crackdown on miners in September was evoked by concerns over the country’s power supplies for the winter season, which is one reason why authorities haunted impersonators of data researchers and storage facilities who hide to mine the digital asset.

As reported by BTC PEERS, China dismissed Xiao Yi, a former Jiangxi government official for encouraging crypto mining & corruption on Monday.

Xiao Yi was accused of abusing his office and supporting illegal cryptocurrency mining operations that were against the government’s rules.

Continue reading on BTC Peers