China warns state-owned enterprises to cease involvement in bitcoin mining

[waybesuricata]

China is pressuring its own state-owned businesses to cease mining cryptocurrencies, and the government is considering harsh penalties on firms that continue, including higher energy expenses.

According to reports, Meng Wei, a spokesperson for the National Development and Reform Commission (NDRC), said at a press conference that as China’s top economic planner, the NDRC intends to regulate industrial-scale Bitcoin (BTC) mining and any involvement by state businesses in the activity. The NDRC, which is in charge of policymaking for mining, has reportedly recently organized a special session on the subject. It also has increased the pressure on provinces and municipalities to investigate and clean up mining by state-owned entities.

The Chinese government has taken a harsh stance against Bitcoin miners in 2021, blaming them for everything from energy waste to deadly coal mining accidents as the country strives to fulfill its carbon-neutral goals.

The increased crackdown on miners in September, according to sources, was prompted by worries over the country’s power supplies for the winter season, which is one reason why authorities are said to have gone after those who tried to impersonate data researchers and storage facilities to continue mining the digital asset.

Source and continuation of news: https://cointelegraph.com/news/china-warns-state-owned-enterprises-to-cease-involvement-in-bitcoin-mining