News From China: Cryptocurrency Laws and Inspections Are Coming! - News-Credit-Mortgage-Coin


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Friday, September 10, 2021

News From China: Cryptocurrency Laws and Inspections Are Coming!


The Chinese state power company announced on the website of Lanzhou, the capital and largest city of Kansu province, that it will set up a task force to conduct investigations on Bitcoin, along with other cryptocurrency mining companies in the region. This is the region's “14. Efforts to implement energy consumption control measures during the “Five-Year Plans” were fulfilled.

Cryptocurrency mining businesses will sign a letter of commitment

According to the published article, big data companies will face surprise audits by the task force. In addition, the relevant mining firms are guaranteed to sign the 'Letter of Commitment on the Elimination of Bitcoin and Other Cryptocurrency Mining Activities'. Companies will also make a commitment not to engage in any activities related to cryptocurrencies, such as Bitcoin mining and trading.

These localized crypto mining pushes are organized by the Lanzhou New Area Company in collaboration with the Kansu Energy Audit Office, the Department of Industry and Information Technology, and the Development and Reform Commission.

Electric company: Mining undermines the rules of the market

The State Electric Company of China emphasized the unsustainable nature of Bitcoin and other cryptocurrencies. He noted that among other issues, the biggest drawback of crypto is its wasteful energy consumption. Additionally, he pointed to the issue of avoidance of financial audit and the lack of legal certainty for cryptocurrencies in China.

It was pointed out that a new trend has started regarding leakage electricity, especially with new mining equipment. The shared article stated that smuggled electricity would not only disrupt the power supply order, but also flagged crypto as a potential threat to national property. Additionally, he criticized the decentralized system for undermining the rules of the market economy.

China has “completed the crackdown” on cryptocurrencies. China’s central bank recently stated that the crackdown on cryptocurrencies is over and that it is now under normal control. The Central Bank has now switched to routine operations. It was stated that the country has generally achieved its purpose in the war it started against crypto miners, and its last moves can be called an end. The bank reported this in its latest financial stability report.


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