China’s Inner Mongolia doubles down on Bitcoin ban, outlines punishments

2 min read | May 27, 2021 12:05 PM AEST | By Furquan Moharkan

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China’s Inner Mongolia doubles down on Bitcoin ban, outlines punishments — Image source: Bitcoin, Ethereum and Ripple coins - largest cryptocurrencies by market capitalisation. © Josefkubes

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Summary

China’s Inner Mongolia has intensified its crackdown on Bitcoin mining by outlining punishments for defaulters.

Iran has also banned bitcoin mining, roiled by power outages.

Both blame it on energy consumption.

Chinese autonomous region of Inner Mongolia region is planning to further crack down on cryptocurrencies by proposing punishments for companies and individuals involved in digital currency mining.

The administrative body of the region -- Inner Mongolia Autonomous Region Development and Reform Commission – has set up a hotline, email, and mail address for the general public to report any suspicious crypto-mining operations.

It has also proposed punishments for the entities and individuals involved in digital currency mining.

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The move comes after Chinese Vice Premier Liu He has said that it is necessary to “crack down on Bitcoin mining and trading behavior” in a bid to prevent the “transmission of individual risks to the social field.”

Those comments were seen as Beijing’s intentions to continue a four-year crackdown on Bitcoin trading and other cryptocurrency-related activities.

The move is seen aimed at cutting down on energy consumption.

Meanwhile, cities like Tehran have been badly hit with power outages. As a result, Iran has also banned Bitcoin mining.

The ban was put to effect immediately and will be in place until 22 September, the reports said.

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According to the reports, most of the energy consumption for bitcoin mining is coming through illegal miners, or those without licences. This has prompted a severe crackdown against the cryptocurrencies nationwide.

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