China is pressuring its own state-owned businesses to cease mining cryptocurrencies, and the government is considering harsh penalties on firms that continue, including higher energy expenses.
According to reports, Meng Wei, a spokesperson for the National Development and Reform Commission (NDRC), said at a press conference that as China’s top economic planner, the NDRC intends to regulate industrial-scale Bitcoin (BTC) mining and any involvement by state businesses in the activity. The NDRC, which is in charge of policymaking for mining, has reportedly recently organized a special session on the subject. It also has increased the pressure on provinces and municipalities to investigate and clean up mining by state-owned entities.