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Chinese Province Proposes Social Credit Blacklisting of BTC Miners: Report

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Chinese Province Proposes Social Credit Blacklisting of BTC Miners: Report

Following news of a coming crackdown on BTC 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 BTC 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 BTC mining in a laundry list of “financial risks” that it sought to monitor. 

BTC Crashes 12% as China Reiterates Mining Crackdown

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

This story is developing and will be updated.


All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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