China Clams Down On the Bitcoin and Crypto Mining Industry


Considered as the hub of crypto mining, China isn’t finding mining industry fruitful, particularly for the country’s economy. The impression for Cryptocurrency mining came to light when regulators in the autonomous province of Inner Mongolia issued a notice on the ban on mining of the Cryptocurrency. The notice for Bitcoin and Cryptocurrency ban was given by five departments of Inner Mongolia. Moreover, clarifying the stance on mining, the regulator stated that the development of Cryptocurrency mining should be banned as it is harmful and detrimental for the long term prospect for the organization.

The departments that are against the development of crypto mining and are in support of the Cryptocurrency mining ban are the departments of Inner Mongolia, Development and Reform Commission, The Financial Office, the Office of the Ministry of Industry, the Public Security Department and the Big Data Bureau. All the departments of Inner Mongolia are planning to drop the idea of support for the mining industry and have said in the press release that the Bitcoin mining industry is insignificant for the mining industry. The governments plan for the mining industry is to clean up the mining process in the province that will be conducted in a planned order with various phases.

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In the first phase of the Bitcoin Cryptocurrency mining clampdown self-examination and self-correction will be executed which will be reported to the Ministry of Industry and Information Technology which will be immediately be followed by the second stage whose sole purpose will be to supervise and rectify the  Bitcoin Cryptocurrency mining industry. According to the Department of Inner Mongolia, the first phase will start on September 3 and will end on September 25, 2019. The second phase of rectifying the industry will be implemented and will kick start the process on October 10th till October 30th 2019.

Source: Coin Telegraph

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