The regulator of China’s Internet space intends to methodically …

The regulator of China’s Internet space intends to methodically reduce the country’s mining capacity

China’s leading internet regulator made an announcement asking local authorities to “take over” the bitcoin mining operations so that the country can make a “methodical exit” from the business. Quartz writes about this with a link to documents that have got into the network..

“At the moment, there are so-called ‘mining’ enterprises that produce ‘virtual currencies’. They consume a huge amount of resources and fuel speculation in the market for “virtual currencies”, – said in a document issued on January 2.

In it, the regulator asks local authorities to resort to measures related to the price of electricity, land use, taxes and environmental protection in order to force miners to close their businesses. In addition, he asks local services to provide information on the miners located in their regions, as well as report on progress made by January 10 and continue to report on progress on the tenth of every month..

Also on the network was a document issued on January 4 by the Xinjiang Service that oversees financial flows on the Internet, in which the regulator appeals to the authorities of the western regions of China with a request to report on the decrease in the scale of mining on the fifth day of each month..

In a telephone conversation with Quartz, a representative of the Xinjiang regulator confirmed the authenticity of the document they issued, but declined to comment on the announcement of the national service.

The regulator of China's Internet space intends to methodically ...

Both documents indicate that decisions regarding Bitcoin mining were made in November during a meeting of the regulator with representatives of local branches..

We will remind that earlier it became known that the People’s Bank of China decided to start closing mining enterprises by limiting their access to electricity. Later, the department itself denied this information..

The regulator of China's Internet space intends to methodically ...