China to ban Bitcoin mining in Inner Mongolia region

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China’s Inner Mongolia Territory Government has proposed eight new measures to halt cryptocurrency activity.

According to a report by the South China Morning Post, officials have unveiled a new draft law that introduces stricter penalties for those caught digging for Bitcoin (BTC) and other cryptocurrencies. This includes blacklisting criminals that prevent them from obtaining loans or even using the transportation system.

Specifically, the new regulations mention data centers, industrial estates, telecommunications companies, internet companies and even internet cafes, and note that the breach, which was discovered to remove mining equipment from its business license, could be removed from the local system for the business as a whole.

The draft regulation is available to the public until June 1. However, the Inner Mongolia region has been the target of a crackdown on cryptocurrency mining. Eliminating energy-intensive mining is part of China’s announced plans to be neutral by 2060. In Inner Mongolia, there are already hotlines asking citizens to notify authorities about mining local cryptocurrencies.

China’s determination to get rid of bitcoin miners has had an impact. Three mining companies – BTC.TOP, Huobi and HashCow – announced that they would close in mainland China earlier this week.

Photo Illustration by Budrul Chukrut/SOPA Images/LightRocket via Getty Images

The proposal must now go through a public consultation process which will last until June 1 before it goes into effect. The proposed measures target not only cryptocurrency facilities in regions that use primarily fossil fuels, but also power plants that provide energy for such operations. Also includes internet cafes that may have used a dormant computer to extract cryptocurrency.

Additionally, any company or person using cryptocurrency to launder or raise money in the area could be held liable for a crime. According to the published proposals, any company or person involved in cryptocurrency activities can also be put on China’s social credit dishonest list, prohibiting them from social activities such as obtaining banking services, ordering airplane tickets or train tickets, etc. Becomes.



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