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Bitcoin News & Updates / Chinese Province Proposes Social Credit Blacklisting of Bitcoin Miners: Report
« on: June 01, 2021, 01:17:41 AM »
Inner Mongolia issued a new ruling on crypto mining that, if violated, would see Bitcoin miners "blacklisted" by the Chinese credit system.Following news of a coming crackdown on Bitcoin mining in China, the provincial government of Inner Mongolia has now proposed that those who violate new ordinances be “blacklisted” from the country’s social credit system, according to local reports.
This means that illegal Bitcoin miners within the province, if caught, would face limited access to financial products, blocks to foreign travel, and more, according to sources. The blacklisting is just one of several curbs the provincial government put forth in the proposal. Other punishments include a business suspension for dealing in virtual currencies or if caught supplying energy to a crypto business, criminal charges.source
This means that illegal Bitcoin miners within the province, if caught, would face limited access to financial products, blocks to foreign travel, and more, according to sources. The blacklisting is just one of several curbs the provincial government put forth in the proposal. Other punishments include a business suspension for dealing in virtual currencies or if caught supplying energy to a crypto business, criminal charges.source