Law and Legislation

Mangolia Bans Cryptocurrency Mining – Official.

An autonomous region of China, Inner Mongolia, is banning cryptocurrency mining, consistent with a Bloomberg report today on Monday.

The region plans to force cryptocurrency mining projects to shut by April, consistent with a draft plan posted online by the Inner Mongolia Development and Reform Commission on 25th Feb.

Inner Mongolia is well-known for its cheap energy supplies and accounts for 8% of the worldwide Bitcoin [BTC, +13.19%] mining hash rate, consistent with the Cambridge Centre for Alternative Finance, according to the report.

China’s National Development and Reform Commission previously criticized Inner Mongolia for failing to regulate energy consumption earlier in 2019.

The region now aims to scale back emissions per unit of gross domestic product by 3% this year, with the goal to constrain growth in energy consumption to about 1.9% within this year in 2021.

Chinese officials first came up with proposals to discourage cryptocurrency mining in Inner Mongolia as far back as 2018.

Earlier in 2019, “illicit” bitcoin mining businesses faced a clampdown by authorities.

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