/View.info/ It will become even more difficult to mine cryptocurrency in China. The Financial Times reports that the Development and Reform Commission of Inner Mongolia plans to set up a hotline to report suspicious mining operations.
The news came shortly after Reuters reported that China had banned financial institutions from offering “any cryptocurrency-related services to customers, such as registration, trading, clearing and settlement,” ostensibly to curb speculative trading.
But this is not the first time China has cracked down on the cryptocurrency market. Regulators have tried to establish more control over the market by banning initial currency offerings in 2017, for example, and in 2019 they considered banning the industry as a whole.
In February, Inner Mongolia also said it was banning cryptocurrency mining to reduce energy consumption. This would really benefit the environment. A study published by the journal Nature in April stated that Bitcoin mining in China alone will exceed Venezuela’s carbon emissions by 2024.
Meanwhile, Chinese Vice Premier Liu He chaired a meeting of the State Council’s Financial Stability and Development Committee on Friday.
“We need to be more vigilant and look for potential risks,” said a statement released after the meeting. “We need to crack down on bitcoin mining and trading and prevent individual risks from spreading to society as a whole.”
Translation: V. Sergeev
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