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China warns state companies not to mine crypto



China is threatening to increase electricity prices in the country if state-owned companies do not stop crypto mining.

At a press conference on Tuesday, Meng Wei, a spokeswoman for the National Development and Reform Commission, said a ban on industrial-scale mining of Bitcoin would be imposed in China. And any involvement of state-owned companies in crypto mining is punished with severe consequences.

In a special session held last week, the chief economic planner dealt with the issue, entrusting the provinces and municipalities with the task of investigating state-owned companies involved in crypto mining. They should cease activities and be held accountable in the event of a violation.

Tightened campaigns against crypto mining

Beijing has waved the whip against all crypto activity this year, and for good reason. It blames crypto prospectors for the fatal coal mining accidents and the vast waste of energy that thwart the country's plans to achieve carbon-neutral goals.

The country is concerned about its energy supply for the coming winter season, which is one of the reasons behind the intensified campaigns against crypto mining.

In September, authorities went on the hunt for individuals - and state-owned companies - posing as data researchers and storage facilities.

Coal prices have fallen sharply since then, so it's not clear how the increase in electricity costs will affect the majority of the country.

China's top anti-fraud agency has expelled provincial officials

The Central Commission for Disciplinary Oversight (CCDI) expelled a former vice-chairman over the weekend for alleged corruption in connection with the mining of cryptocurrencies.

Xiao Yi - a senior Communist Party official - has been removed from office and is likely to be tried for his alleged violations.

According to the CCDI, Yi has misused his power for personal gain. “The investigation revealed that he had abused his power to help companies mine virtual currencies. That is not in line with national industrial policy. "

The defendant is also charged with interfering in judicial activities. In addition, he is said to have exchanged power and money for sex, accepted bribes, misused his power for personal gain and to be morally depraved.

China was the largest mining center in the world for the first half of the year before the United States took over that position. Beijing now wants to all trade in cryptocurrencies proceed and mining.

The country also wants to impose a stricter ban on the participation of state-owned companies in crypto mining. If it doesn't, China is considering punitive measures in the form of higher electricity prices for companies who oppose the ban.

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