China to take punitive measures against cryptocurrency mining, citing environmental concerns

Chinese authorities are taking punitive measures to stop cryptocurrency mining, calling it an “extremely harmful” practice that is jeopardizing country’s efforts to reduce carbon emissions. This development comes as China’s central bank made all cryptocurrency-related transactions illegal this included—crypto trading and mining.

According to a report by Bloomberg, China told its government companies to stop cryptocurrency mining and said it would raise electricity prices for any institution found to be abusing its access to subsidized power to participate in crypto mining.

“The National Development and Reform Commission (NDRC) plans to crack down on industrial-scale Bitcoin mining as well as any involvement by state companies,” Meng Wei, a spokeswoman, said at a press conference.