China urges state-owned enterprises to refrain from Bitcoin mining activities By BTC Peers – Investing.com

China urges state-owned enterprises to refrain from Bitcoin mining activities By BTC Peers – Investing.com

China has compelled its state-owned businesses to halt all cryptocurrency mining operations, with the intention of enforcing harsh penalties on firms that do not comply, including higher energy expenses.

According to reports, Meng Wei, a spokesperson for the National Development and Reform Commission (NDRC), revealed that the commission intends to regulate industrial-scale (BTC) mining along with any involvement by state businesses in the activity.

The NDRC, which oversees the policy making for mining, recently organized a special session on the subject. It also has ramped up the pressure on provinces and municipalities to investigate and comb mining activities by state-owned entities.