Chinese regulators will increase pressure on miners

Authorities of the Autonomous Chinese Province of InnerMongolia intends to conduct massive inspections of mining companies to force them to start providing hardware infrastructure services for blockchain technology supported by the government.

Officials decided in this way to fightchaos, speculation and illegal activities in the digital sphere. Since the Chinese authorities consider cryptocurrency mining a pseudo-financial innovation unrelated to the real economy, companies associated with mining will become the main targetsupcoming checks.

Regulators are also paying close attention to enterprises that use preferential tariffs for electricity, posing as representatives of the big data industry.

To clean up the region's economy, the governmentInner Mongolia will send a joint inspection team to inspect, "screen out and correct" companies, according to a notification from the local Department of Industry and Information Technology.

According to businessmen, having learned about the regulators' intentions, many miners did not wait for the start of a new wave of inspections and decided to move their business to other regions and countries of Asia.

In parallel with the infringement of the crypto industry, Chinais actively studying the prospects for using blockchain and artificial intelligence in the field of cross-border finance. By 2023, the country plans to invest more than $2 billion in blockchain development.

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