China Warns State-Owned Companies To Stop Bitcoin Mining Or Risk Strict Penal...
China has issued a warning to its state-owned enterprises to stop cryptocurrency mining. It also warned that it would increase electricity rates for companies that continue to defy the ban. This latest warning comes amid the ongoing crypto ban in the East Asian country. Some months ago, the government of China declared all crypto trading activity illegal. Subsequently, crypto miners and exchanges like Huobi and Binance began to relocate to countries with crypto-friendly regulations. Related Reading | Is This The Reason China Banned Bitcoin Mining? Carvalho’s Mind Blowing Theory....
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Authorities in China are continuing to crack down on activities linked to cryptocurrencies which they consider illegal. The country’s top economic planning body has clearly indicated it intends to go after large-scale cryptocurrency mining taking place at government-operated industrial facilities. State Firms Mining Crypto in China to Face Higher Electricity Bills China’s National Development and Reform Commission (NDRC) announced Tuesday it plans to concentrate on the “comprehensive rectification” of state-run industrial enterprises involved in the extraction....
China is considering imposing harsh penalties on state-owned firms that continue mining cryptocurrencies. 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,....
With the government in Beijing cracking down on their operations, Chinese miners have been on the lookout for other jurisdictions. Providing low-cost energy, Iran has emerged as a prospective destination. However, the country’s state-owned power utility has expressed concerns over a possible influx of miners and illegal imports of mining hardware from China. Tavanir Warns About Flood of Chinese Miners and Equipment Into Iran The Iran Power Generation, Distribution and Transmission Company, Tavanir, has issued a warning regarding the entry of Chinese cryptocurrency miners into Iran....
The state of New York is about to shoot itself in the foot yet again. First, the infamous BitLicense drew all cryptocurrency companies away and now they’re considering banning Proof-Of-Work mining. Or at least making it very hard for mining facilities and home miners to operate from the state. The New York State Assembly will […]
Chinese consumers are rapidly moving towards non-bank and cashless alternatives, such as Alibaba’s $60 bln financial application Alipay. To cope with the rapid growth rate of its FinTech industry, Chinese state-owned companies launched a $1.5 bln fund to support emerging FinTech startups and technologies. The consortium of Chinese state-owned companies which includes Hong Kong-listed Credit China FinTech Holdings, Shanghai Xinhua Distribution Group, China Huarong International and 8 other major organizations in the mainland, established a fund known as “Asia FinTech Merger and Acquisition....