China Hardens Stance on Mining: Warns State-Owned Companies to Avoid Cryptocurrency Mining
In September, Chinese authorities ruled that all crypto transactions in the nation were illegal, adding that they would eliminate the mining of digital assets. Since then, the Chinese Government has ramped up its crypto crackdown, leading to the Great Mining Migration.
On Saturday, November 13th, China’s Central Commission for Discipline Inspection stripped Xiao Yi, a former member and vice-chairman of the Jiangxi Provincial Political Consultative Conference, of his position.
In addition, Xiao Yi was expelled from the communist party for allowing cryptocurrency mining to happen.
In a public letter, dated November 16th, the Chinese government warned state-owned enterprises to cease any and all involvement in Bitcoin mining. The Chinese authorities have called mining an “extremely harmful” practice that threatens its carbon emissions goals.
According to Meng Wei, a spokesperson for the National Development and Reform Commission (NDRC), companies that defy the ban will be made to pay higher electricity prices.
On the Flipside
- Alongside the intensified crackdown on mining activities, China has pushed for McDonald’s and other corporations to increase their use of the Digital Renminbi ahead of the Olympics.
Meng added that for China to reach its carbon emissions goals, the nation must “strictly prevent (mining) from rising from the ashes.”
As news of China’s renewed crackdown emerged, Bitcoin tumbled by almost 9%, reaching an interday low of $59,016, its lowest point since October 28th.
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