China gov’t agency warns state-owned firms against mining

China gov’t agency warns state-owned firms against mining

China is tightening its noose around block reward mining in the country, this time targeting defiant state-owned entities. The country’s national planner has shot a warning to these entities against mining digital currencies, threatening dire consequences for those found guilty.

China has just about shut out mining in the country, with miners forced to either flee or shut down altogether. Global hash rate reveals that most have relocated to friendlier jurisdictions like the United States, Kazakhstan and Russia, as it has bounced back once again after plunging a few months back. While it has managed to shut down retail miners, the government is now looking from within its ranks. 

China’s National Development and Reform Commission (NDRC) recently warned officials in the government who it said have been taking advantage of their positions to mine digital currencies. 

NDRC spokesperson Meng Wei said at a recent press conference that the agency is looking into alleged block reward mining activities by state agencies. The NDRC has even recently organized a session where this illicit mining in government institutions was the central topic of discussion. In addition, the agency has called on provincial and municipal governments to probe and halt state-owned enterprises that are mining digital currencies.

The latest warning comes days after a high-ranking provincial official was expelled from his position after being linked to mining. The Central Committee of the Chinse Community Party expelled Xiao Yi for abusing his power and going against the party’s directives.

Yi was the vice-chair of the Chinese People’s Political Consultative Conference in Jiangxi province. He was immediately expelled from his position and had his property seized for further investigations and prosecution.

In its report, the Central Commission for Discipline Inspection (CCDI) at the CCP stated, `“Xiao Yi seriously violated the party’s political discipline, organizational discipline, integrity discipline, work discipline, and life discipline, and constituted a serious job violation and was suspected of taking bribes and abusing power.”

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