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Chinese Regulators Issue Warning For Inner Mongolia Crypto Miners

16 September 2019 15:15, UTC
Chinese Regulators Issue Warning For Inner Mongolia Crypto Miners

Chinese authorities issued a warning to five ministries in the Inner Mongolia Autonomous Province regarding the issue of cryptocurrency mining control, according to the local news agency ChainNews.

The warning prescribes the elimination of mining, which is strictly regulated by Chinese law. In the document, cryptocurrency mining is called "pseudo-financial innovation" that exists outside the regular economy:

“The virtual currency ‘mining’ industry belongs to the pseudo-financial innovation unrelated to the real economy, and should not be supported.”

According to the article, the crackdown will be carried out in two stages. The first stage will be held from September 3 to September 25, and the relevant ministries will have time for "self-examination and self-correction" regarding the regulation of crypto mining. The second phase should begin on September 30 and will be associated with the supervision and rectification of the situation by a joint government inspection team. A thorough analysis of current operations related to cryptocurrency is planned.

While a number of miners in the region fear pressure from the Chinese government, other community members remain skeptical. Many ignored the news, predicting that these actions would not have much impact on industry development.

Image courtesy of Mashable

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