The Chinese government is getting more serious about cracking down on the cryptocurrency industry as state authorities are bringing forces to combat crypto operations in the country. The People’s Bank of China (PBoC) officially announced on Friday a set of new measures to fight against crypto adoption in China, including promoting stronger inter-departmental coordination in cracking down crypto activity. 10 Chinese state authorities, including the PBoC, the Cyberspace Administration of China and the Ministry of Public Security, have established a “coordination mechanism” to prevent financial players from participating in any cryptocurrency transactions. According to the announcement, the involved authorities and …
The Chinese government continues cracking down on the cryptocurrency mining industry by suspending crypto mining operations in another province. Authorities at Anhui, a small province in eastern China, have announced a set of measures to tackle growing electricity demand and an associated power supply shortage in the next three years, local news agency Hefei Online reported on Wednesday. As part of Anhui’s efforts to curb energy consumption, the province plans to shut down crypto mining projects and scrutinize new initiatives that require large amounts of energy consumption. Local authorities also plan to adopt new practices for building data centers as …
A veteran Chinese regulator has told those tasked with steering the strategic development of Sichuan province to tap surplus hydropower for the blockchain industry. Jiang Yang — former vice-chairman of the China Securities Regulatory Commission — advised strategists that: “Sichuan should study further about how the province’s cheap hydropower resources can attract digital currency-related businesses.” Yang’s remarks were noted in an Oct. 30 report from South China Morning Post. Use cryptocurrency mining to absorb excess output Sichuan, located in south-western China, has a protracted rainy season and is thus the country’s biggest producer of hydropower. In 2018 alone, the province …
The Central Committee of the Chinese Communist Party (CCP) expels a top provincial official after investigations suggest unlawful emgagement with crypto mining activities among other abuse of power. The Central Commission for Discipline Inspection (CCDI) alleged that Xiao Yi, former vice-chairman of the Chinese People’s Political Consultative Conference from Jiangxi province abused his state-backed administrative powers to undermine the political principle of “two maintenance,” which relates to CCP’s notion of firmly maintaining the authority of the party: “[Xiao Yi] violated the new development concept, abused power to introduce and support enterprises to engage in virtual currency "mining" activities that do …
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 mining and any involvement by state businesses in the activity. The NDRC, which is in charge of mining policymaking, has reportedly recently organized a special session on the subject. It also has increased the pressure on provinces and municipalities to investigate …