Chinese authorities issued a notice to ministries within the province of Inner Mongolia to crackdown on cryptocurrency miners in the region.
According to ChainNews, five ministries and commissions in Inner Mongolia have been issued a warning to clean up cryptocurrency mining, which is heavily regulated under Chinese law. The document refers to crypto mining as “pseudo-financial innovation” that exists outside of the regular economy,
The virtual currency ‘mining’ industry belongs to the pseudo-financial innovation unrelated to the real economy, and should not be supported.
The crackdown will be done in two phases. Phase I will take place from September 3 to September 25, allowing the ministries in question time for “self-examination and self-correction” in regards to crypto mining.
The second phase, which will begin on September 30, will involve supervision and rectification by a joint inspection team to thoroughly review any ongoing crypto operations.