A Bitcoin mining hub in China is looking to impose strict penalties for individuals and firms found to be involved in digital currency mining, CNBC reported.
- Draft proposals of Inner Mongolia proposes to revoke the business licenses of telecommunications and internet firms engaged in cryptocurrency mining.
- The region also wants harsh punishments for individuals found to be linked to money laundering through the crypto space.
- Inner Mongolia announced plans to ban new cryptocurrency mining activities and halt existing operations in March.
- The region accounts for 8% of global Bitcoin mining, surpassing the United States. China accounts for about 65%.
- China is aiming to go green, as President Xi Jinping last year announced the target to cap carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.
BTC/USD is up 7.16%