Chinese authorities are moving toward crypto ban in order to complete their crypto mining crackdown through rules by increasing the prices of electricity costs.
The whole world knows very well that China banned all crypto mining operations but still there are some industrial legal crypto miners in China, which are operating their business under compliance for the next particular time interval domain.
Now Chinese authorities are moving toward very high strict rules to force the crypto mining operations to seize. National Development and Reform Commission (NDRC), stated on this matter on 15 November and said that high price cost over the electricity consumption will be the next tool against crypto mining firms.
Meng Wei of NDRC shared this information in speaking with the conference at china.com.
Meng said that new punitive electric prices will apply to those crypto mining firms, which are using electricity at the cost of residential electricity prices.
On 13 November, a Communist Party member from Jiangxi province, Xiao Yi, was fired by the party. Because Xiao was supporting crypto mining operations against China’s crypto crackdown rules.
China last renewed crypto crackdown
Earlier this, China announced the renewed crypto crackdown in September.
In September, Chinese authorities said that no one crypto exchange (local or foreign) is allowed to facilitate the crypto transactions services to the China mainland users. And also all the transactions in the crypto will be illegal.
And in October, Chinese authorities said that they will list the crypto mining industry in the negative list of the industry.
However, some sources claimed that Chinese authorities are taking opinions from their citizens regarding the ban of crypto mining operations. They may think of unbanning crypto mining operations, however current activities of Chinese authorities are not indicating the same.
Read also: Tanzania’s Zanzibar may adopt crypto