China proposed to ban mining

Posted 19 September, 2019

Five departments from the Inner Mongolia region in China have proposed banning mining. Local authorities called digital money “pseudo-financial innovations” that are not related to the real economy, so they do not need to be supported.

The Primitive Fund partner Dovey Wan stated that  it was proposed to limit not only production but also cloud computing, big data, IDC and data centers.

“The inspection is directed by the central government, rather than a standalone plan initiated by the local government. The move reflects the nationwide phase-out plan on the bitcoin mining,” according to an industry executive involved in the planning process. 

According to the 10-page document, data centers that provide conditions for the placement of mining equipment, and unregistered mining companies will be closed. Miners who manage to pass the test will be recognized by limited liability companies and will receive electricity at a common rate. Discussion of individual tariffs with local power plants is not allowed. These, however, are only temporary measures, and in the near future, they will also have to close. 

The inspection of the region is carried out in two stages. The municipal departments conduct their inspection from September 3 to 25, after which they will have to report to the regional authorities, who will form special teams to study the information provided from October 10 to 20.

Inner Mongolia is one of the most favorable regions for mining due to its low prices for electricity, land, a cold climate, and a small population.

Previous story

19 September, 2019 11:37

← Major fraud group eliminated in Australia

The Australian Federal Police in cooperation with the local financial regulator has reportedly taken down large criminal group that was involved in fraud and money laundering activities. The report was released by the Australian Securities and Investments Commission this week.

Major fraud group eliminated in Australia

Next story

18 September, 2019 16:24

Vitalik Buterin proposes new ICO model →

Ethereal summit was held in Tel Aviv, in which Ethereum co-founder Vitalik Buterin took part. He discussed many issues regarding the future of the blockchain ecosystem, and also proposed a way to combat fraudulent token sales and ICOs.

Vitalik Buterin proposes new ICO model
Write a comment
 
Prove you’re not a bot + 6 = 14