The Chinese region of Inner Mongolia — once a thriving cryptocurrency mining hub that has recently enacted a series of measures to rein in the sector — has unveiled eight new proposals designed to give added force to its recently imposed, all-out ban on crypto mining.
- The proposed rules are intended to sever all links between the various parts and supporting infrastructure of the crypto industry, from electricity supply to site provision, and they target both companies and individuals involved in any aspect of crypto mining.
- Data centers, power plants and industrial parks will be prohibited from providing electricity and premises to mining companies; any data centers, cloud computing centers, internet companies and even internet cafés found to be engaged in crypto mining will face de-licensing and business suspensions; and companies and individuals involved in mining will put on a blacklist that will restrict their freedom to travel, buy property and register a business.
- The proposed measures, drafted by the regional Development and Reform Committee, aim to ensure that Inner Mongolia falls into line with Beijing’s proclaimed goal of achieving carbon-neutrality by 2060, and are expected to remain unchanged following the public consultation that is now being carried out.