China has stepped up its efforts to prevent cryptocurrency mining activities in the Inner Mongolia region. New penalties await those who carry out illegal mining activities in the country.
According to the news of the South China Sabah Newspaper, Chinese authorities have announced legislative proposals that provide for harsher penalties for those who mine Bitcoin (BTC) and other cryptocurrencies. These penalties include social credit blacklisting, which will prevent miners from obtaining loans or even using public transport.
Data centers, industrial parks, telecom companies, internet companies and cyber cafes are specifically mentioned in the new legislative proposals, and it is stated that those who are found to be operating mining equipment will have their business licenses revoked, they can be removed from the local electricity trading scheme and even their businesses may be shut down completely.
The public review process of legislative proposals will continue until 1 June. Still, Inner Mongolia is already subject to tight barriers to cryptocurrency mining. Eliminating energy-intensive mining is in China’s plans to become carbon-neutral by 2060. In the Inner Mongolia region, there is even a hotline where citizens can report all cryptocurrency mining activities.
China’s determination to get rid of Bitcoin miners is already starting to show its effects. Three major mining companies BTC.TOP, Huobi and HashCow recently announced that they have ceased their operations in China.