Chinese District to conduct Bitcoin (BTC) mining inspection and lay down additional Crypto Laws

The State Power Company of China, Lanzhou, Gansu announced on its website, that the district will be organizing a task force to conduct inspections on Bitcoin, along with other cryptocurrency mining companies. This has come instead of the District’s efforts at implementing energy consumption control measures during their “14th Five-Year Plan”.

Crypto mining businesses to sign a commitment letter

According to the published article, big data companies will face surprise inspections by the task force. Furthermore, the relevant mining firms are warranted to sign the ‘Commitment Letter for the Elimination of Bitcoin and Other Virtual Currency Mining Business Activities’. The companies will further pledge against carrying out any activities related to virtual currencies, such as Bitcoin mining, and trading.

This localized crypto mining crackdown is arranged by the Lanzhou New Area Company, in collaboration with the Gansu Energy Inspection Office, the Department of Industry and Information Technology, and the Development and Reform Commission.

Unsustainable Crypto markets

The State Power Company of China emphasized Bitcoin and other virtual currencies’ unsustainable nature. It stated that among other issues, crypto’s biggest drawback is its wasteful energy consumption. Additionally, the points at evasion of financial supervision, and lack of legal certainty for cryptocurrencies in China.

Especially, with the new mining rigs has launched the latest trend of electricity theft. It supports characteristics of large electricity theft, accompanied by an array of cybercrimes and money laundering activities. The article mentioned that electricity theft will not only disrupt the power supply order, but it has marked crypto as a potential threat to national property. Additionally, it also criticizes the decentralized system for undermining the rules of the market economy.

Meituan promotes CBDCs and sustainability

Smaller districts of China, along with a mass of companies are joining the wave of Crypto crackdowns to support a sustainable financial market. Yesterday, the Chinese Online Delivery Giant, Meituan began airdropping Digital Yuan “red packets” worth 10 yuan ($1.55), to promote low-carbon travel. This initiative promotes Central Bank’s Digital Yuan along with the nation’s carbon neutrality aim.

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Sunil Sharma

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