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    To stop the involvement of enterprises in cryptocurrency Chinese government forewarns Companies

    To stop the involvement of enterprises in cryptocurrency Chinese government forewarns Companies

     

    The Chinese government is pressurizing different companies to close down their crypto mining programs and cease their involvement in crypto assets. They have further stated that if the companies don’t back down, they can receive harsh penalties from the government due to extreme amounts of power consumption and vice versa. 

     

    As a representative of the National Development and Reform Commission (NDRC), Meng Wei has stated that as NDRC is the top economic planner of China, they plan to stop the industry level mining of Bitcoin (BTC). It has also directed the province officials and municipalities to find about the Bitcoin mining facilities and clear them up. 

     

    Currently, China is trying to fulfil its carbon-neutral goals, and for that, they have repeatedly taken harsh decisions over bitcoin miners. According to them, bitcoin mining is responsible for energy waste, environmental harm and deadly coal mining accidents. 

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