China's Inner Mongolia Reveals New Guidelines on Mining Ban
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China's Inner Mongolia has prepared a new regulatory draft to tighten crackdown on cryptocurrency mining. According to a document, the local authorities will hold a public consultation on the draft until June 1.

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The revealed draft proposes to ban both mining facilities that use fossil fuels and power stations. Internet companies which are engaged in mining cryptocurrencies will also face a raid by regulators. The authorities also want to bring more requirement for industrial parks and data centers that provide services for cryptocurrency miners.

China Calls to Stop Chaos in the Crypto Market

Company or individuals convicted in crypto mining activities could also be listed in China's Social Credit Dishonesty List, which will limit their social activities.

Inner Mongolia's strike comes after Chinese Vice Premier, Liu He, called for more regulation on the mining market in order to protect the financial system. China's another crackdown on cryptocurrency mining comes after bitcoin flash crashed to $28,000 amid news that the country once again warned its financial institutions from offering any services to cryptocurrency-related clients.

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