The government of China’s Inner Mongolia region is seeking public feedback on a regulation proposal that plans to shut down all crypto mining farms in the area. The Inner Mongolia Development and Reformation Commission (DRC) published a proposal last week on various regulatory measures that aim to help the region achieve energy-saving goals under China’s 14th five-year economic plan that spans from 2021 to 2025.
The proposal seeks to “fully clear out and shut down all crypto mining firms.”
As part of the program to eliminate industries that consume excessive energy, the Chinese government agency’s proposal seeks to “fully clear out and shut down all crypto mining projects by the end of April 2021.” Regarding how to speed up the restructuring process for energy-intense industries, the proposal further seeks to “properly control the development scale of data centers and prohibits constructing any new virtual currency mining projects. “The Inner Mongolia region, after Sichuan and Xinjiang, is the third-largest spot in China where bitcoin mining farms would call home, which relies on local fossil power plants.
Regulators tighten up crypto regulations around the world.
After bitcoin and other cryptocurrencies’ recent massive winning rally, governments all around the world have expressed their concern over the growing crypto industry. As reported earlier, the Indian government is also planning to ban all cryptocurrencies in the country soon. A new anti-crypto is reportedly planned to be introduced in the parliament that proposes to ban cryptocurrencies. Speaking at a financial sector innovation policy roundtable, the former Federal Reserve Chair and the current U.S. Treasury Secretary Janet Yellen also warned that cyberattacks and digital currency-related crimes were on the rise. Several other regulators around the world have expressed their concern over cryptocurrencies.