The Chinese government has started pressuring state-owned enterprises to stop any cryptocurrency mining activity. China has decided to charge harsh penalties on firms that are involved in higher energy expenses.
As per the reports, the National Development and Reform Commission (NDRC) spokesperson, Meng Wei, during a press conference, said that as the country’s top economic manager, the NDRC is seeking to regulate industrial-scale Bitcoin mining along with any state businesses’ involvement in the activity.
The NDRC is in charge of crypto mining-related policy making, and it has reportedly organized a special session on the matter. The commission has also intensified the pressure on municipalities and provinces to investigate and wipe out the mining activities by state-owned entities.
As TheCoinRise reported, China took serious actions against Bitcoin miners earlier this year after blaming the activity as the main source of energy waste and deadly coal mining accidents. Interestingly, the country is aiming to become a carbon-neutral demoting miner rig.
Intensified pressure by China
The intensified crackdown by China came after the country expressed its worries about the power supplies for the winter season. Since then, the authorities have been chasing down those who try to impersonate data researchers and storage facilities for the continuation of crypto mining.
Previously, the government has also dismissed a former Jiangxi official Xiao Yi after he was discovered with crypto mining activities and breaching national standards.
As per the preliminary findings, Xiao Yi was accused of misusing his power to support and promote digital currency mining-related businesses, an act that is strictly against government rules and regulations, as well as taking bribes.
The latest announcement came amidst the sudden fall of Bitcoin earlier today. Earlier this month, China reported its first money-laundering case using Digital Yuan. Ironically, the country has been the one to pioneer the central bank digital currency (CBDC) distribution for a secure system.