Chinese Regulators to focus on Crypto Mining Firms in Mongolia
China has been a significant sector for the process of cryptocurrency mining since the beginning. Over the years, China and it’s crypto mining farms and farmers have faced several issues, from the ban of cryptocurrencies to banning the process of crypto mining. The regulators have been harsh with the crypto industry in China, and recently, the miners received some relaxation when the crypto ban was lifted from the mining farms.
Chinese Regulators to inspect Inner Mongolia
The Chinese regulators have decided to focus on Inner Mongolia and investigate the autonomous Chinese region for mining firms and carry out a “clean-up” process for the mining industry. The regulators have decided to tighten their grip on the crypto mining firms, and they are planning to target the firms that have no contribution to the real economy of the country.
Mining farms require a lot of electricity for the mining processes, so the regulators are also focusing on companies that are enjoying the leniency of the government policies. These companies take advantage of the lower rates for electricity, land, and taxes by portraying themselves as a part of the big data industry.
China almost banned cryptocurrency mining earlier this year, but things changed when the president himself showed support for blockchain technology. This move came out later as various exchanges like Binance had to move their operations from China to other places to still operate in the crypto industry.