Inner Mongolia Autonomous Region announces draft measures such as 'Unauthorized mining is transferred to the judiciary as an act of electricity theft'

In response to the Chinese government

's policy to crack down on cryptocurrency (virtual currency) and Bitcoin mining and trading , 'a decisive battle and punishment with virtual currency mining' in the Inner Mongolia Autonomous Region, which is a mining base in China A draft of '8 Measures for' has been published.

Related to 《Inner Mongolia Autonomous Region Development Japanese Reform Commission Association

China's Inner Mongolia escalates crackdown on cryptomining | Reuters

Chinese Province Proposes Social Credit Blacklisting of Bitcoin Miners: Report --Decrypt

The draft of '8 measures' issued under the name of 'Inner Mongolia Autonomous Region Development and Reform Committee' is related to 'Bitcoin mining and transaction crackdown' at the 51st meeting of the Financial Stability and Development Committee of the State Council.

Strict implementation of 'Measures to ensure the achievement of the energy consumption doubling control target of the 14th Five-Year Plan' in the Inner Mongolia Autonomous Region, with the aim of further cleaning up cryptocurrency mining activities and strengthening measures and punishment. It is said that it is a rule formulation to build a long-term regulatory mechanism.

The eight items listed are as follows.

1: Industrial estates, data centers, and power plants that support electricity and land for mining companies are energy-saving based on related laws such as 'People's Republic of China Energy Conservation Law' and 'People's Republic of China Electricity Law'. Strengthen surveillance efforts and reduce energy consumption budget targets. Regarding the act of concealment, we will strictly pursue accountability based on relevant laws and regulations and party regulations.

2: If a business such as a large-scale data center or cloud computing performs mining, various preferential policies will be canceled by the competent authority. In addition, it will withdraw from the multilateral trading market of the Inner Mongolia Autonomous Region and will strictly pursue its responsibilities based on the 'Energy Conservation Law'.

3: If a telecommunications or internet-related business operator performs mining, the competent authority will revoke the telecommunications business license based on the provisions related to the 'People's Republic of China Telecommunications Ordinance' and strictly pursue responsibility.

4: If mining is performed at an internet cafe, etc., the competent authority will suspend or correct the business in accordance with the law.

5: Unauthorized mining will be transferred to a judiciary for processing as an illegal electricity theft based on the 'People's Republic of China Criminal Code'.

6: If there is an illegal act such as money laundering (money laundering) with virtual currency by an entity such as a company or an individual, it will be transferred to a judicial institution based on the relevant laws and regulations such as the 'People's Republic of China Criminal Code'. To process.

7: If an entity such as a company or an individual raises illegal funds using virtual currency, the competent authority will handle it strictly based on the relevant laws and regulations such as the 'Illegal Collection Prevention Ordinance'.

8: Mining companies and related parties should be blacklisted in accordance with relevant regulations. When a public official uses his / her duties to perform mining or protect mining, he / she is transferred to the Discipline Inspection Committee for processing.

Public comments on the draft will be accepted by phone or email from May 25, 2021 to June 1, 2021.

in Note, Posted by logc_nt