Chinese Media Published Articles Revealing Regulators' Thinking on the Crackdown on Bitcoin Mining

Abstract : A listed A-share company invested $14.3 million to buy mining machines, trade virtual currencies and invest in ICO related companies.

ChainDD
ChainDD

May 30

March 30 (ChainDD) Caixin, one of China's leading magazines, published a long article today, revealing the thinkings of some regulators on the crackdown on Bitcoin mining and trading.

According to the article, people close to the Ministry of Industry and Information Technology (MIIT) said that some listed companies bought mining machinery, invested in mine fields and exchanges, but did not properly conduct their own business. A listed A-share company invested $14.3 million to buy mining machines, trade virtual currencies and invest in ICO related companies.

In addition, a researcher close to the industry said that Inner Mongolia had been named and criticized for not meeting the energy consumption standards, so the crackdown on mining should be positive and strict.

The article also pointed out that existing regulatory measures were inadequate in the face of the decentralization of virtual currencies. "More and more people are beginning to recognize the value of Bitcoin." In the eyes of regulators, though, virtual currencies were nothing but hype, and the risks were shifting to investors who lack discernment, such as the middle-aged and elderly. But others believed that virtual currencies were at the forefront of innovation and may lose ground if a full-scale crackdown forces them to go overseas.

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