Eight Measures of the Inner Mongolia Autonomous Region to Combat and Punish Virtual Currency "Mining" Behaviors (Draft for Comment)

In accordance with the deployment requirements of the 51st meeting of the Financial Stability and Development Committee of the State Council on cracking down on Bitcoin mining and trading behaviors, strictly implement the "Several Guarantee Measures of the Inner Mongolia Autonomous Region on Ensuring the Completion of the Dual Control Targets and Tasks of Energy Consumption during the 14th Five-Year Plan" to further clean up virtual Currency "mining" behavior, strengthening the crackdown on punishment, building a long-term supervision mechanism, maintaining market order, big data industry environment and preventing financial risks, we organized the drafting of the "Inner Mongolia Autonomous Region Development and Reform Commission on Resolutely Cracking Down on Punishment of Virtual Currency" Mining "Eight Measures for Mining" Behavior (Draft for Comment)" is now open to the public for comments.

Inner Mongolia: It is strictly forbidden to create new virtual currency "mining" projects: Jinse Finance reported that the Inner Mongolia Autonomous Region Party Committee and the People's Government of the Inner Mongolia Autonomous Region issued an implementation opinion on completely, accurately and comprehensively implementing the new development concept and doing a good job in carbon neutralization of carbon peaks. The "Opinions" pointed out the depth Adjust the industrial structure, strictly prohibit new virtual currency "mining" projects, promote the deep integration of information technology and industrial industries, and promote the digital transformation of the industrial field. [2022/6/27 1:34:25]

The period for soliciting opinions this time is from May 25, 2021 to June 1, 2021. Please send feedback by fax to 0471-6659212, or email to nmgfgwhzc@126.com

The Inner Mongolia Development and Reform Commission began to accept reports on virtual currency mining companies: On May 19, the Inner Mongolia Development and Reform Commission’s official account released the “Announcement on Accepting Letters and Visits from Virtual Currency ‘Mining’ Enterprises”. The announcement stated that in order to thoroughly implement the deployment requirements of the "Inner Mongolia Autonomous Region's Several Guarantee Measures for Ensuring the Completion of Energy Consumption Dual Control Targets in the 14th Five-Year Plan", comprehensively clean up and shut down virtual currency "mining" projects, and give full play to the supervision and protection role of the masses. To improve the reporting channels for virtual currency "mining" enterprises, the Autonomous Region Energy Consumption Dual Control Emergency Headquarters Office has specially set up a virtual currency "mining" enterprise reporting platform to fully accept complaints and reports about virtual currency "mining" enterprises. The scope of reporting includes: 1. Virtual currency "mining" companies (including various other hidden forms of "mining" companies and entities); 3. Enterprises that provide site leasing and other services for enterprises engaged in virtual currency “mining”; 4. Enterprises that obtain power supply through illegal means and engage in virtual currency “mining” business. [2021/5/19 22:17:42]

Thank you for your participation and support!

Golden Morning News | Five ministries and commissions in Inner Mongolia issued a notice to clean up and rectify virtual currency mining: 1.28 Bitcoin mining companies in Kyrgyzstan are facing suspension of power supply.

2. The difficulty of the entire Bitcoin network has been raised to a record high.

3. Coinbase announced that it will list Dash next week.

4. The five ministries and commissions of Inner Mongolia issued a notice to clean up and rectify virtual currency mining.

5. The French exchange Coinhouse suffered a hacker phishing attack and has switched to maintenance mode to protect user funds.

6. Smart contract pioneer Nick Szabo: Saying Libra is a cryptocurrency is like saying a doll is a baby.

7. Libra Association COO: Libra reserves will not exceed 200 billion US dollars at most, and US dollars are expected to account for half.

8. Susquehanna Director of Digital Assets: The industry has not yet addressed the US SEC's concerns about Bitcoin ETFs.

9.CryptoTrader.Tax CEO: There is a problem with the IRS’s use of the information return form 1099-K as a tax basis. [2019/9/15]

Attachment: "Eight Measures of the Inner Mongolia Autonomous Region Development and Reform Commission on Resolutely Combating and Punishing Virtual Currency "Mining" Behaviors (Draft for Comment)" 

Inner Mongolia Autonomous Region Development and Reform Commission May 25, 2021  

"Inner Mongolia Autonomous Region Development and Reform Commission's Eight Measures on Resolutely Combating and Punishing Virtual Currency "Mining" Behaviors

(Draft for Comment)

1. For industrial parks, data centers, self-provided power plants and other entities that provide venues and power support for virtual currency "mining" enterprises, in accordance with 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.

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 Inner Mongolia Electric Power Multilateral Trading Market, and strictly deal with it in accordance with the "Energy Conservation Law of the People's Republic of China" , Strictly pursue responsibility.

3. For telecommunications 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.

4. Where there is virtual currency "mining" of Internet cafes and other entities, the competent department will suspend operations for rectification in accordance with laws and regulations.

5. For entities such as virtual currency "mining" projects that access power sources privately 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.

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.

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.

Tags：

USDC