CHINA-ECONOMY: INNER MONGOLIA ISSUES 8-POINT DRAFT REGULATION AGAINST CRYPTOCURRENCY MINING
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The Inner Mongolia Autonomous Region's Regional Development and Reform Commission issued eight draft measures against mining activities in the region. Titled "Eight Measures of the Development and Reform Commission of Inner Mongolia Autonomous Region to Resolutely Combat and Punish Virtual Currency "Mining", it proposes harsh crackdown measures including possible revocation of licenses for telecom and internet companies that engage in mining activities. Companies would also be held accountable with rigour, according to the draft measures. Big data centres and cloud computing firms could also face cancellation of policy support by the government if they engage in cryptocurrency mining activities. The draft measures include severe punishment for entities and individuals engaging in cryptocurrency mining activities as well as money laundering through cryptocurrencies, including possible criminal charges. The Commission is going through a public consultation of the draft measures that will continue until June 1.
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