China orders MORE crypto crackdowns as mining banned – what does it mean for bitcoin? | City & Business | Finance
The use of coal, in particular, has drawn attention from the Chinese Government, which is seeking to reduce its carbon footprint.
The State Council of China, one of the highest government bodies in the country, instructed local authorities to crack down on crypto mining from May.
The Chinese government has been heading in this direction for a while, with inner Mongolia implementing measures in April and Sichuan, another mining hub, indicated it may end a local energy policy of which miners in the area had taken advantage of.
Tesla and SpaceX CEO Elon Musk got behind the crypto crackdown recently when he announced his electric car company would no longer be accepting bitcoin as a payment method.