Northern China’s Inner Mongolia region has has escalated its endeavours to stamp out cryptocurrency mining with tough new draft rules that propose harsh punishments for anyone engaged in the practice, a move that will accelerate the relocation of mining outside China.
Targeting industrial parks, data centres, telecoms companies, internet firms, and even cybercafes, the draft rules promise to punish bitcoin miners or those providing resources to miners by banning them from the region’s power trading scheme, revoking business licenses, and even shutting their businesses down completely, according to a statement issued Tuesday by the region’s top economic planner.