Regulators in autonomous province of Inner Mongolia are going to start inspecting cryptocurrency mining firms to sanitize the crypto mining industry.
According to a report by the Global Times, regulators in Inner Mongolia are becoming more serious with their work to sanitize the cryptocurrency mining firms and are looking to “combat chaos in the industry.” Its targets in the inspection are going to be mining firms “whose business is irrelevant to the real economy.”
Also, the local government regulators are also going to come on companies “that enjoy preferential government policies involving local electricity rates, land and taxes by pretending to be a participant in the big data industry.”
Remember that China almost banned cryptocurrency mining earlier this year, before the country’s president showed support for blockchain technology. Yang Wang, a senior research fellow with the Fintech Institute of Renmin University said:
Most people I knew who worked in the domestic crypto token industry have already shifted their businesses to Southeast Asian countries like Singapore. They felt that the crypto token market has come to an end in China.