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China Warn State-Owned Enterprises For Strict Sanctions If Involved in Bitcoin mining

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The National Development and Reform Commission (NDRC) of China is considering the possibility of applying strict sanctions on state-owned enterprises involved in cryptocurrency mining.

China’s National Development and Reform Commission spokesman Meng Wei said at a press conference that the Commission intends to suppress the industrial mining of bitcoins and any involvement of state-owned enterprises in mining activity.

The NDRC has made provinces and municipalities liable for investigating the activities of state-owned enterprises involved in cryptocurrency mining.

The Commission is proposing to raise electricity prices for companies that continue to ignore the government’s ban on bitcoin mining.

Earlier the vice-president of Jiangxi province Xiao Yi was dismissed from all government posts and sent to court for trial, he was charged with corruption and abuse of power in the construction and maintenance of mining enterprises in Jiangxi province.

In addition, last month, the Zhejiang Provincial Administration announced that it was beginning to investigate cases of mining in government organizations, public higher education institutions, and scientific institutions.

Read More On China Crypto:


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Ammara Mubin is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Ammara authored more than 1,000 stories for TheCryptoBasic, CryptoComes and other fintech media outlets. She is particularly interested in regulatory trends around the globe that are shaping the future of digital assets.


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