By Shelly Melancon (Switzerland)
Yingjiang county authorities have warned hydroelectric power suppliers to desist from providing electricity to crypto-related firms, especially miners. The warning notice is part of the Chinese authorities’ efforts to increase oversight functions on the crypto industry.
The Warning Notice Takes Effect From Tomorrow
Any Bitcoin miner still using power after the deadline will be made to face the full wrath of the law. Also, the country’s development and reform agency has mandated all hydroelectric power suppliers to submit proof that they have carried out the notice thoroughly. Thus, the agency can assist Yingjiang county in identifying stubborn hydropower companies still supplying power to Bitcoin firms.
According to a recently published survey by the energy commission of the Yunnan province, most crypto mining companies are tapping electricity illegally, and private electric power companies often support them. After successfully getting rid of crypto miners from its province, the Guizhou province has decided to save the energy it would have supposedly sent to Bitcoin miners and use it to enhance its nascent electric car industry.
Chinese authorities plan to have almost 5,000 electric car charging points across south provinces before this year ends. Then, it plans to have nearly 6,000 charging points in the next two years.
Following the aftermath of China’s clampdown on the crypto mining industry, it now can no longer boast of being the highest contributor to the Bitcoin hash rate worldwide again. Most China-based miners have found new homes in nearby regions, especially Kazakhstan, while a few have relocated to other crypto-friendly continents.
Cryptocurrencies Have No Legal Protection
After having his crypto account shut down and losing $10,000 because of new Chinese regulations regarding the cryptocurrency industry, a Chinese man decided to seek redress in court. However, he didn’t get any assistance from the Shandong-based court, which ruled that “digital currencies and by extension, any investment-related to it have no legal protection.”
The court declared that there is no legal backing for the case based on current crypto policies in the country. With this ruling, anyone hoping to get a reprieve from the court regarding cryptocurrencies will have a rethink.
Also, several vigilantes are always in search of anyone still involved in crypto trading. This squad arrested nine persons seven days ago in Zhenjiang city. These persons were accused of buying the South African rand with Bitcoin. Hence, it is likely that almost all of them would be jailed for some time.
More Crypto Developments In China
While China’s recent clampdown on crypto miners has resulted in unending hot debates, it is pertinent to note that the country has made it illegal for anyone to be involved in crypto trading for many years now. After an official announcement in the second quarter of this year that crypto mining is now illegal, crypto miners (new or old) started leaving the country in droves. Executives and staff of defaulting crypto mining companies were fined, imprisoned as the government took drastic actions in forcing the implementation of the new policy.
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