Regulators of the Chinese Autonomous Republic of Inner Mongolia require the cessation of the activities of all enterprises whose activities are associated with crypto mining.
According to ChainNews, representatives of the five departments of Inner Mongolia decided that there was a need to eliminate enterprises that are mining in the province. The position of regulators boils down to the fact that an industry where there is such a thing as mining virtual currency is a “pseudo-financial innovation” that has nothing to do with the real economy, and therefore it should not be supported.
China's normative approach to crypto mining is somewhat inconsistent, so far it is impossible to say exactly what impact this statement will have on miners who work in Inner Mongolia. Davi Wang, a partner at Primitive Ventures, for example, noted that this proposal is unlikely to lead to real action.
At the end of May, it was reported that China accounted for about 70% of the total figure for operations with BTC mining.
