Cryptocurrencies

Mining, it smells scorched for Mongolia

Favorites icon

WhileElon musk tries to whitewash itself by advancing the idea of ​​green mining for Bitcoin (BTC), the Chinese authorities are working to crack down once again on crypto miners.


hologram with bitcoin cryptocurrency and graph on the background of the flag of Mongolia

The NDRC releases its anti-mining machine

The branch of the Inner Mongolia of the National Development and Reform Commission (NDRC) publishes a detailed draft guideline explaining how local authorities can crack down on crypto activity in the region.


The NDRC is the highest economic planning agency in China. This directive is part of the efforts of the Inner Mongolia to implement the notice published by the NDRC February 25, 2021.

This opinion advocates the elimination of mining operations for ecological reasons. Mining would be an obstacle to the achievement of the national objective of reducing carbon emissions of the China.

The new directive of the NDRC is motivated by the opinion of Chinese State Council of May 21, 2021 on the repression of mining activities.

It contains 8 specific measures concerning the monitoring and sanctioning of companies of all sizes – from large farms to internet cafes – and people involved in mining activities in the region.

The NDRC is currently seeking public comment on this directive from May 25 until tomorrow, June 1, 2021.

Global repression

The directive of the NDRC of the Inner Mongolia has regional scope. However, it could subsequently serve as a working basis for central government bodies or the NDRC national.

The previous opinion of the NDRC organization cracking down on mining in the region in September 2019, targeted the data centers. This gave crypto mining companies time to shut down or relocate their activities.

The new opinion adopts a more comprehensive approach, and will therefore affect players directly or indirectly involved in cryptocurrency mining.

The founder of the crypto-wallet Ballet and exchange based on China BTCC, Bobby lee, indicated during the China panel of the CoinDesk Consensus 2021 conference on May 25, 2021, that the question is whether the NDRC local will actually implement its plan.

Bitcoin currently at $ 35,886 at the time of writing this article is still looking for the path it will take for the next few days.

More actions

Favorites icon


Fashion is good, but blockchain is the future, we agree, right ?! It’s a great opportunity and an evolving sector! On a daily basis, my job is to try to popularize cryptos / blockchains as well as possible, which appear to be far too technical.

DISCLAIM

The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.

Tags

Related Articles

Back to top button
Close
Close