Bitcoin miners in China’s Inner Mongolia region face punishments in new crackdowns, according to CNBC. Businesses could also lose their licenses for participating in crypto mining.
Individuals laundering money through digital assets are also targeted in China’s crackdown.
The action follows China’s warning of mining and trading behavior involving cryptocurrencies.
The move underlines China’s intentions to curtail crypto activities, citing the “transmission of individual risks to the social field.”
The tough stance by Inner Mongolia against bitcoin mining started in March when it announced shutting down existing activity to minimize energy use.
China accounts for as much as 65% of globe’s bitcoin mining while Inner Mongolia controls around 8% worldwide, more than the U.S.
Bitcoin is currently gaining. BTCUSD is up 3.43%
