How to understand the recent regulatory policies: Take the introduction of "Eight Measures to Combat Mining" in Inner Mongolia as an example

Yesterday, the official account of the Inner Mongolia Development and Reform Commission issued a public solicitation for the "Eight Measures of the Inner Mongolia Autonomous Region Development and Reform Commission on Resolutely Combating and Punishing Virtual Currency "Mining" Behaviors (Draft for Comment)" (hereinafter referred to as "Eight Measures") In the announcement of opinions, some readers in the mining circle left messages to us asking questions about how to understand the policy. We sorted out and researched the documents related to virtual currency mining issued by the Inner Mongolia Autonomous Region, combined with the recent relevant regulatory policies, and compiled the interpretation of the relevant content-zce as follows. The article is a bit long, so let’s post the core points first: 1. The adjustment of Inner Mongolia’s virtual currency mining behavior itself is within its 14th Five-Year Energy Consumption Dual Control target task, and just a few days ago, during the meeting of the Finance Committee In terms of preventing and controlling financial risks, virtual currency mining is also clearly mentioned. We can understand that the introduction of the current "Eight Measures" is supported by double "policies" in the background. 2. The crackdown on mining in Inner Mongolia this time, to a certain extent, fully presents the scope of my country's current regulation of mining and trading of encrypted assets such as Bitcoin. That is, on the one hand, it is in the prevention and control of financial risks, such as illegal fund-raising, money laundering and other financial crimes. Due to the current overall situation of encrypted assets, individual risks have intensified, social instability has increased, and there is a tendency for individual risks to be transmitted to the social field, which requires the country to take some measures at the macro level of financial prevention and control; another On the one hand, energy consumption is considered. Some areas may indeed have some irregular mining behaviors, or some areas need to divest this part of the industry when energy consumption, industrial structure upgrades and adjustments are made. This is the current basic situation. So if you want to judge what kind of policy the next region will introduce, you can start from these two aspects. 3. In fact, the development of any industry and any industry has to go through a certain repair process. The author does not think that the recent policy is a one-size-fits-all regulation of mining and encrypted asset transactions. On the contrary, if appropriate regulatory measures are continuously introduced, it will be beneficial to the long-term and orderly development of the entire industry. If it's really overheating, wouldn't it be better to pour cold water on it? The industry has experienced ups and downs for more than ten years, and we hope that in the next ten years, we will be better. Live｜Anson Lau > How to Get the Most Returns in Polkadot Staking: Jinse Finance · In-depth analysis of the 6 TOP50 projects in "Focus Value 50" hosted by the live broadcast, share in vernacular, and refresh the consensus! The broadcast will start on time at 18:00 today. In this episode of Web3 Foundation ｜ technical education consultants will chat in the live broadcast room on "How to get the greatest return in Polkadot Staking". Interested friends scan the QR code to listen! [2020/6/19] The background of the introduction of the "Eight Measures" is the 51st meeting of the Financial Stability and Development Committee of the State Council held on May 21. Liu He presided over the meeting, and responsible comrades from member units of the Finance Committee attended the meeting. At the meeting, the second article of resolutely preventing and controlling financial risks clearly mentioned cracking down on Bitcoin mining and trading. Therefore, we can understand that one of the purposes of the "Eight Measures" is to implement the spirit of the meeting of the Financial Committee and prevent financial risks. The second is to implement the "Several Guarantee Measures of the Inner Mongolia Autonomous Region on Ensuring the Completion of the "14th Five-Year Plan" Energy Consumption Double Control Target Task" (hereinafter referred to as "Guarantee Measures"). The "Safeguard Measures" were also issued by the Development and Reform Commission of the Inner Mongolia Autonomous Region on February 25, 2021. It clearly mentions: (1) In the seventh part of the second part, "accelerating the structural adjustment of high energy-consuming industries", it is pointed out that "reasonable and orderly control the construction scale of data centers, and strictly prohibit new virtual currency mining projects." (2) In the second part, Article 9 "Virtual Currency Mining" clearly states that "comprehensively clean up and shut down virtual currency mining projects, and all exit before the end of April 2021." Treasurer Investigation Bureau丨How to play super leverage? Breakdown of BitZ’s encryption business experience: At 16:00 pm on April 30th, Jinse Finance will invite Mark, the vice president of BitZ, to be a guest at the "Treasurer Investigation Bureau". business classics. See the original link for details. [2020/4/30] In summary, when the Inner Mongolia Autonomous Region implemented the decision-making and deployment of the Party Central Committee and the State Council on dual control of energy consumption, it formulated the autonomous region’s "14th Five-Year Plan" energy consumption dual control target task, and virtual currency mining was seen This is not the first time that the autonomous region has put forward the policy, and some clues can also be seen in some previous policies and documents. For example: On March 4, 2021, "Our district intends to fully clean up and shut down the Bitcoin mining business by the end of April." It also clearly pointed out that it is necessary to control the production capacity scale of high-energy-consuming industries, control the construction scale of data centers in a reasonable and orderly manner, strictly prohibit new virtual currency mining projects, comprehensively clean up and shut down virtual currency mining projects, and withdraw all virtual currency mining projects before the end of April 2021. In fact, a little earlier time can be traced back to the "Analysis Report on the Financial Situation of the Region in the First Half of 2019" issued by the Local Financial Supervision Bureau of the Inner Mongolia Autonomous Region in 2019, which clearly pointed out that "comprehensively clean up and rectify the order of the financial market. Implement prevention and disposal of illegal fund-raising. Responsibilities of territorial entities and supervisory responsibilities of the main (regulatory) departments of various industries. Do a good job in the disposal of old cases. Do a good job in early warning reminders for key industries and risk companies and cross-regional clue notification and coordinated disposal. Carry out normalized publicity and education. Continue to promote Internet finance Risk rectification work. Do a good job in the risk rectification of P2P network lending. Accelerate the liquidation of "mining" companies." Cao Shengxi of Renmin University of China: The domestic blockchain industry has transitioned to the stage of "how to do the blockchain industry": Recently, various places The government has successively announced the list of key construction projects for industrial development. In addition, local blockchain industry support policies have also been intensively introduced recently. In terms of blockchain construction, the fast-growing cities in the central and western regions are catching up with the "first echelon" provinces and cities. Cao Shengxi, an associate researcher at the International Monetary Institute of Renmin University of China, said, "The domestic blockchain industry has transitioned from the popularization of 'what is the blockchain' to the stage of 'how does the blockchain industry do'." Innovation and the construction of soft and hard infrastructure have become important demands, and it is a natural trend for local governments to prioritize blockchain projects. (Economic Reference Network) [2020/4/13] Therefore, Inner Mongolia's adjustment of virtual currency mining behavior itself is within its 14th Five-Year Energy Consumption Dual Control target task, and, just a few days ago, in the meeting of the Finance Committee In terms of preventing and controlling financial risks, virtual currency mining is also clearly mentioned. We can understand that the current "Eight Measures" are supported by double "policies" in the background. To sum up: On the one hand, at least for now, virtual currency mining is regarded as an energy-intensive activity. The Inner Mongolia Autonomous Region government has clarified the goal of dual control of energy consumption in the 2021 work plan. When , virtual currency mining is included in the scope of adjustment; on the other hand, virtual currency mining and trading behavior is considered to have financial risks. From the perspective of the capital market, in the traditional securities market, the most profound and original purpose of all relevant securities management legislation is to "protect investors". The securities market has maintained healthy and sustainable development. Analysis | Diving again in a short time, how will BTC follow up? : Analyst K God said that the price of BTC has just dived. It once fell from above $9,900 to a low of $9,580 and is recovering. It has tested the support of the 30-day moving average again. On the technical graph, the lowest point has just touched $6,433 in the previous period. The support of the lower side of the channel has once again verified the support of the moving average and the trend line. As long as it does not effectively break through in terms of form, the reversal of the trend market cannot be judged. The price rebounded upward yesterday, and the highest was close to the 10,000 US dollar mark. It can continue to enlarge, and it is more difficult to break through directly in the short term. Today, it was hit by short selling pressure and fell back. From the BTC 4-hour trend chart, it can be seen that the price has touched 10,500 US dollars in the early stage to the present, and the small level is still in the downward channel as a whole. The short-term pressure above is around $10,050, and a subsequent effective breakthrough can reverse the recent weak situation. The daily line level, the medium and long-term moving averages are still parallel upwards, the short-term jerky pull and jerky smash, which is likely to be the main force’s washing method, continues to wear down the patience and confidence of the currency holders, the bullish trend is still there, and the halving market is still worth looking forward to . [2020/2/24] For example, the concept of "qualified investors" protects investors by setting up participation thresholds. But in the field of encrypted assets, everyone can participate, and there is no corresponding threshold. This has led to the influx of a large number of retail investors (who are relatively lacking in risk awareness and risk prevention capabilities). In addition, the current encrypted asset transactions are carried out in the absence of supervision, and it is difficult to effectively protect the rights and interests of investors after disputes arise. , Even many people take advantage of the virtual currency upsurge to engage in illegal and criminal activities, which not only destroys the financial order, but also causes huge economic losses to the majority of participants, thus exacerbating the existence of social instability factors. "Eight Measures" Interpretation Voice | Zhao Dong: Most people are not desperate. How can the bull come: Dgroup founder Zhao Dong posted on Weibo early this morning, saying that I don’t think the bull market has come. The reason is very simple: no patience, where does it come from? bull market? ! ​​​​In other words, if most people are not desperate, how can the cow come? [2019/6/4] When further understanding the meaning of the "Eight Measures", we need to clarify the current overall opinions of the Inner Mongolia Autonomous Region on mining, which will help us understand the "Eight Measures" more comprehensively and accurately, namely: It is strictly forbidden to create new virtual currency mining projects, and comprehensively clean up and shut down virtual currency mining projects. 1. For entities such as industrial parks, data centers, and self-provided power plants that provide venues and power support for virtual currency "mining" enterprises, according to the "Energy Conservation Law of the People's Republic of China", "Electricity Law of the People's Republic of China" and other relevant regulations, add Strengthen energy-saving supervision, check and reduce energy consumption budget indicators; for those who deliberately conceal and fail to report, do not clear and shut down in a timely manner, and do not perform well in approval and supervision, they will be strictly held accountable in accordance with relevant laws and regulations and party regulations. Interpretation: The subject of this article is "industrial parks, data centers, self-owned power plants", and the behavior includes providing venues and power support. These subjects may become the key objects of the next screening. And a week ago, the Inner Mongolia Development and Reform Commission also issued an announcement on accepting complaints and reports from virtual currency "mining" companies, and opened up the reporting platform. 2. If there is a virtual currency "mining" behavior for big data centers, cloud computing companies and other entities, the competent department will cancel various preferential policies, withdraw from the multilateral electricity trading market in Inner Mongolia, and strictly deal with it in accordance with the "Energy Conservation Law of the People's Republic of China" , seriously pursue responsibility. (1) It is aimed at the main body engaged in virtual currency mining in the name of big data and cloud computing. The "Eight Measures" deal with such enterprises is to cancel the application of preferential policies, and to investigate the responsibility according to law. (2) On September 26, 2016, Inner Mongolia promulgated and implemented the "Measures for the Access and Management of Inner Mongolia Electricity Multilateral Trading Market Subjects in the North China Regional Electricity Market" (hereinafter referred to as the "Measures"). The "Measures" adopt a market access mechanism, Set access conditions. For market entities that violate the "Measures", relevant departments have the right to order rectification within a time limit. One year later, they can re-apply to the power management department to enter the market. (3) The purpose of enacting and promulgating the "Energy Conservation Law of the People's Republic of China" is to promote energy conservation in the whole society, which further reflects that the local regulatory authorities in Inner Mongolia have determined that "mining" behavior itself is not an effective and reasonable use of energy. Once upon a time, Bitmain's project was still a key project in the local area, which is embarrassing. 3. For communication companies, Internet companies and other entities that engage in virtual currency "mining", according to the relevant provisions of the "Regulations on Telecommunications of the People's Republic of China", the competent department shall revoke the value-added telecommunications business license in accordance with the law, and seriously investigate the responsibility. Interpretation: In the horizontal direction, the scope of attack on mining has been increased, and the scope has been expanded to some communication companies and Internet companies. According to the law, our country implements a licensing system for telecommunication business operations. Telecommunications services are divided into basic telecommunications services and value-added telecommunications services. To operate telecommunication business, one must obtain a telecommunication business operation license issued by the telecommunication management agency in accordance with the regulations. 4. If there is virtual currency "mining" of Internet cafes and other entities, the competent department will suspend business operations and rectify them in accordance with laws and regulations. Interpretation: In the vertical direction, the crackdown has even been extended to Internet cafes. According to the law, to open an Internet cafe, you need to apply for an "Internet Culture Business Permit". Mining activities definitely do not fall within its statutory business scope. 5. For entities such as virtual currency "mining" projects that access power sources without approval, according to the "Criminal Law of the People's Republic of China" and other relevant regulations, their illegal electricity theft shall be transferred to judicial organs for handling. Interpretation: It is aimed at the behavior of stealing electricity and mining. The chain law was mentioned in the blockchain criminal justice big data report released in 2019. At present, criminal offenses related to the blockchain are involved, and the crime with the largest number of cases is theft (electricity stealing and mining). 6. If there are illegal activities such as money laundering in the form of virtual currency for enterprises, individuals and other entities, they shall be transferred to judicial organs for handling in accordance with the "Criminal Law of the People's Republic of China" and other relevant regulations. 7. For enterprises, individuals and other subjects who use virtual currency to conduct illegal fund-raising, etc., the competent department will strictly deal with it in accordance with the "Regulations on Prevention and Handling of Illegal Fund-raising" and other relevant regulations. Interpretation: Articles 6 and 7 are common problems at present. Such problems are not limited to Inner Mongolia, and they will be regulated and attacked by law everywhere. Eight. Relevant enterprises and relevant personnel that have virtual currency "mining" behaviors shall be included in the blacklist of dishonesty in accordance with relevant regulations; public officials who take advantage of their positions to participate in virtual currency "mining" or provide them with convenience and protection, They shall be transferred to the discipline inspection and supervision organs for handling. Interpretation: It belongs to the category of social credit system construction in Inner Mongolia. The red list is a list of trustworthy joint incentive targets, and the black list is a list of untrustworthy joint punishment targets. It should be aimed at some enterprises or personnel who are untrustworthy, dishonest, and concealing electricity consumption. Such personnel will be blacklisted by the local regulatory authorities, and their credit restraint mechanism is "one place of dishonesty, everywhere restricted". Of course, the above is the content-zce of the draft for comments, and the final version may be adjusted. On the whole, the release of this document is a continuation of Inner Mongolia’s long-standing attitude of clearing and shutting down virtual currency mining, which has not changed substantially.

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