Inner Mongolia Determines How They Will Fight Bitcoin Mining

The Inner Mongolia Reform and Development Commission has published a list of 8 items, in whichdescribed the measures "to combat the mining of virtualcurrencies "on their territory. The presented document is a draft version of the planned legislation and is intended to collect public comments. Comments will be accepted until June 1st.

The regional authorities note that they have developed a plan duringexecution of the order of the State Council of China on combating financial risks arising in the process of bitcoin mining and trading. So, industrial parks and data centers are ordered to reduce energy consumption, and telecommunications companies are prohibited from working with miners under the threat of license revocation.

The authorities also promise to organize a criminalpursuit of illegal miners connecting to the network without permission. The same applies to attempts to launder money and illicit fundraising using cryptocurrencies. In addition, the list mentions Internet cafes that will be closed if the facts of mining on their territory are revealed.

Mining companiescryptocurrencies, and responsible employees are subject to inclusion in the list of unreliable persons, and officials supporting and protecting miners will be subject to disciplinary inspection by the Chinese Communist Party, the publication says.

As noted by Primitive partner Davi Wang,all these measures, apart from the last point related to the social credit system, were quite expected. Local authorities spoke about the ban on mining in early March, even before the State Council's statement. According to the University of Cambridge, the Inner Mongolia region is currently the third largest bitcoin computing power in China after Xinjiang and Sichuan. Wang expects that they will unveil similar plans in the near future.

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