China’s National Development and Reform Commission (NDRC), said on Tuesday that in the next stage of its crypto mining crackdown it will consider “punitive electricity prices” for some crypto mines.
- The country’s top economic planning body might implement this measure for companies that mine crypto, but only pay residential electricity prices, said NDRC’s Meng Wei in a press conference, according to China.com, a news site run by the State Council Information Office.
- The NDRC will focus on industrial scale mines and state-owned entities that mine crypto and is calling on local governments to take care of mining within their jurisdictions, Meng said.
- Meng was responding to a question about the next steps in the development of Sichuan’s capital, Chengdu, and neighboring Chongqing.
- Chengdu is one of China’s biggest crypto mining provinces and one that had favourable policies toward the industry.
- On Saturday, Xiao Yi, a top Communist Party member from Jiangxi province was fired and expelled from the party and will likely face criminal charges over his support for crypto mining, the party’s anti-corruption watchdog said.
- The NDRC and other top government agencies called for a renewed crackdown on crypto mining on Sept. 24. Crypto mining was added to a list of industries to be eliminated in early October.
Read more: China Tightens Crypto Mining Crackdown, Bans Trading
