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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.

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The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.


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