China Warns State Firms on Crypto Mining, Mulls Punitive Steps
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China told its state-owned enterprises to stop cryptocurrency mining and said it’s considering punitive measures in the form of higher power prices on companies that defy the ban.
The National Development and Reform Commission plans to crack down on industrial-scale bitcoin mining as well as any involvement by state companies, Meng Wei, a spokeswoman, said Tuesday at a press conference. The chief economic planner held a special meeting on the issue last week and is putting a bigger onus on provinces and municipalities to investigate and clean up SOEs involved in mining.