China has stepped up its efforts to curb the extraction of cryptocurrencies in the Inner Mongolia region by imposing new penalties on those arrested for illegal activities.
According to a report by the South China Morning Post, authorities have unveiled new draft laws to punish more severely those involved in the extraction of bitcoin and other cryptocurrencies. These include blacklisting criminals who block loans or even use the transportation system.
The new laws specifically mention data centers, industrial parks, telecommunications companies, Internet companies and even Internet cafes, and point out that if mining equipment is used, their business licenses will be revoked, excluded from the local electricity trading plan, and Even their work is completely closed.
The draft law will be available for public review by June 1. However, the Inner Mongolia region is under pressure to extract ceyptocurrency. Elimination of high-energy mining is part of China's announced plan to neutralize carbon by 2060. A hotline has been announced in the Inner Mongolia region to inform citizens of any digital currency extraction locally.
China's determination to get rid of bitcoin miners has already had a detrimental effect. Three mining companies - BTC.TOP, Huobi and HashCow - announced they would close their operations in China earlier this week.
Source:
https://cointelegraph.com/news/china-to-socially-blacklist-bitcoin-miners-in-inner-mongolia-region
