According to The Financial Times, the Inner Mongolia Development and Reform Commission (IMDRC) plans to set up a hotline for reporting cryptocurrency miners.
Reuters previously reported that China had banned financial institutions from offering “any cryptocurrency-related services such as registration, trading and settlement to customers,” ostensibly to curb speculative trading.
In February, Inner Mongolia said it was banning cryptocurrency mining to reduce power consumption. Until that moment, it was not clear how China plans to suppress cryptocurrency mining. The source clarifies that the hotline will help the authorities “completely shut down mining”, which continues in the province, despite the ban. Now anyone can report on their neighbor who is engaged in mining, even if it just seems to the activist.
China has been struggling with cryptocurrencies for a long time. In 2017, regulators tried to establish control over the market by banning initial coin offerings, and in 2019, for the first time, authorities wanted to completely ban cryptocurrencies.
China’s aforementioned anti-cryptocurrency actions have resulted in lower prices for Bitcoin, Ethereum and other popular coins.
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