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.”
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