TL;DR breakdown
- China fights against global warming.
- Mongolia becomes the first province to enact crypto restrictions.
After the government of China called for restriction of the massive mining of the all-time high digital currency and transactions last week, Inner Mongolia has been the first province to introduce measures against digital assets.
Beijing has criticized China for failing to fight against global warming, which is usually brought about by the massive release of carbon in the atmosphere, which later destroys the ozone layer.
The inner Mongolia local government has asked all Bitcoin (BTC) miners to shut down their operation immediately or continue their activity outside of Mongolia.
The local government said that all miners should comply with the law on the restriction of digital assets that use a lot of energy in mining. Anyone who will assume the guidelines from the local government will have to face the law.
Mongolia is one of the leading provinces with large numbers of digital asset miners in China. The local government sometimes reported to the public that it would regulate industrial and Bitcoin mining in the region. The region best suits mining of the virtual currencies because it is found in the interior of China where the electricity bill is quite friendly to the digital currency miners; hence, it is more economical as mining of the digital currencies requires a lot of electricity that is very costly in the urban part of china.
Inner Mongolia to target internet cafe’s for illegal mining
The new regulations that have been placed by the local government will not be taken with a happy face by the companies mining digital assets. The regulations also cut across regulation of illegal mining on the internet in cyber cafes. If there is the mining of digital asset in any cyber cafe, the business will be suspended.
Fight against global warming.
The Chinese government has been trying to eradicate the greenhouse effect by regulating the amount of carbon released into the environment. However, the massive mines of the virtual assets have been an obstacle towards a carbon-free environment.
The crypto mining ban by the Mongolian government has not impacted the crypto market as much as some recent news like Musk’s series of tweets have. However, if the other China provinces follow the route Mongolia has taken, the prices of digital assets might be affected because China is the home of many virtual currency miners.
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