Draft rules to root out cryptomining
Print Edition
China鈥檚 northern region of Inner Mongolia escalated a campaign against cryptocurrency mining on Tuesday, publishing draft rules to root out the business, days after China vowed to crack down on bitcoin mining and trading.
The Inner Mongolia Development and Reform Commission said in the proposed rules that telecommunications companies and Internet firms, which are engaged in cryptomining will see their business licenses revoked by regulators. It also said that authorities would introduce tougher energy-saving requirements for industrial parks, data centers and power plants that provide sites or electricity for miners.
Inner Mongolia had already announced in March that it would end all cryptocurrency mining projects as part of efforts to meet energy efficiency targets. The measures come amid China鈥檚 renewed efforts to curb speculative cryptocurrency trading.
On Saturday, a State Council committee led by Chinese Vice Premier Liu He vowed to crack down on bitcoin mining and trading. Last week, three industry bodies banned financial and payment services to virtual currency trading, triggering a market sell-off.
Inner Mongolia said it would answer calls from the State Council to further clean up the crypto mining business in a bid to purify the big data industry and prevent financial risks.
According to draft rules, if data centers and cloud computing firms take part in cryptomining, regulators would cancel preferential policies they enjoy and force them out of Inner Mongolia鈥檚 multi-lateral power trading market.
Companies and individuals raising money using cryptocurrencies would be penalized under China鈥檚 anti-illegal fundraising rules, according to the draft measures.
Bitcoin climbed back above US$40,000 yesterday for the first time this week, as recent volatility in the cryptocurrency market showed few signs of dampening down.
Bitcoin jumped as much as 6.5 percent to US$40,904. Smaller coins also gained, with ether climbing over 7.5 percent to over US$2,906.
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