Authorities in the Inner Mongolia region have suggested a complete ban on cryptocurrency mining to achieve energy saving targets in connection to China’s five-year economic plan. The regional government is gathering public opinions on the forthcoming normative act, according to information provided by The Block.
The Inner Mongolia Development and Reform Commission submitted last week a plan for legislative changes to make sure the region meets the requirements of the five-year plan. Amongst other ideas, the document forbids the creation of new farms for the mining of cryptocurrency.
The public discussion phase will last up until March 3. The State Committee for Development and Reforms of the PRC, which also includes the commission that proposed the plan, had in the past advocated a ban on crypto mining in the country. Back in 2019, the Committee added mining to over 450 undesirable activities that violate relevant laws, that are unsafe, waste resources, and contaminate the environment. Nevertheless, later the mining of cryptocurrency was removed from the list.
We remind that back in December 2020 Chinese media urged citizens not to succumb to Bitcoin hype.
