China’s NDRC to Consider Punitive Electricity Prices for Crypto Mines

China to Release National Blockchain Standard Next Year, Says Official: Report

China’s National Development and Reform Commission (NDRC), mentioned on Tuesday that within the subsequent stage of its crypto mining crackdown it can take into account “punitive electrical energy costs” for some crypto mines.

  • The nation’s high financial planning physique may implement this measure for firms that mine crypto, however solely pay residential electrical energy costs, mentioned NDRC’s Meng Wei in a press convention, in accordance to China.com, a information website run by the State Council Information Office.
  • The NDRC will give attention to industrial scale mines and state-owned entities that mine crypto and is asking on native governments to deal with mining inside their jurisdictions, Meng mentioned.
  • Meng was responding to a query in regards to the subsequent steps within the development of Sichuan’s capital, Chengdu, and neighboring Chongqing.
  • Chengdu is considered one of China’s biggest crypto mining provinces and one which had beneficial insurance policies towards the business.
  • On Saturday, Xiao Yi, a high Communist Party member from Jiangxi province was fired and expelled from the celebration and can probably face felony fees over his help for crypto mining, the celebration’s anti-corruption watchdog said.
  • The NDRC and different high authorities businesses referred to as for a renewed crackdown on crypto mining on Sept. 24. Crypto mining was added to a listing of industries to be eradicated in early October.

Read extra: China Tightens Crypto Mining Crackdown, Bans Trading

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