China is increasingly determined to muzzle the existence of Bitcoin, Etehereum, and other cryptocurrencies in the country. This is done to achieve a carbon neutrality mission by 2060.
After closing crypto mines and banning all crypto transactions in mid-2021, China will now provide a strong "action" for those who are still recalcitrant to do crypto mining.
The spokesperson for China's National Development and Reform Commission (NDRC), Meng Wei announced that a crackdown would be imposed on both commercial crypto miners and state-owned institutions.
Meng Wei said the government would raise the price of electricity for any state-owned institution caught abusing the subsidized electricity it received for crypto mining.
To note, the Chinese government offers lower electricity prices for state-owned institutions, such as schools, community centers, to community welfare institutions.
If the institution is caught using subsidized electricity benefits to mine cryptocurrencies, strict action will be taken in the form of increasing electricity rates.
Unfortunately, Meng Wei did not explain what kind of strict action would be imposed on commercial crypto miners who were not state-owned institutions.
Influence the price of Bitcoin
