Chinese Province Proposes Social Credit Blacklisting of Bitcoin Miners: Report

May 25, 2021 | Decrypt News | 0 comments

chinese-province-proposes-social-credit-blacklisting-of-bitcoin-miners:-report

Following news of a coming crackdown on Bitcoin mining in China, the provincial government of Inner Mongolia has now proposed that those who violate new ordinances be “blacklisted” from the country’s social credit system, according to local reports

This means that illegal Bitcoin miners within the province, if caught, would face limited access to financial products, blocks to foreign travel, and more, according to sources.

The report indicates that the punishment would be applied not only to individuals, but also cloud service providers, internet companies, and even internet cafes that attempt to mine cryptocurrencies illegally.

Inner Mongolia is the first province in China to directly respond to the initial requests made on May 21. At that time, the financial committee in Beijing, overseen by the State Council, included Bitcoin mining in a laundry list of “financial risks” that it sought to monitor. 

Bitcoin Crashes 12% as China Reiterates Mining Crackdown

That was the first time the State Council, a high-ranking office, had explicitly spoken out on Bitcoin mining. 

This story is developing and will be updated.

News Source from Decrypt.co

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