Regulatory bodies in china are persistently working to enforce crypto regulatory laws. Recently, it was reported that an area in Sichuan district, Ya’an City, has stopped native BTC exchange firms. Miners in this city have been asked to cease crypto trading for some time.
According to today’s report on Sina Finance, an economic periodical in China, the Ya’an City regulators asked them to stop their operations for scrutinization.
From an unidentified source reported by PA News, a news outlet in China, the information noted that it is still not certain whether the mining process will still be resumed and the time the ban will be relaxed.
Colin Wu, a Crypto blogger in China, noted that the most recent ruling will affect most BTC companies in Sichuan which is known to be the highest source of hydropower in China. He stated that the district released a document that prohibited firms that generate energy from giving power to simulated mining processes. He also noted that the document listed twenty-six big mining projects that needed to be scrutinized and closed. He opined that large firms will be affected more because it will be difficult for government supervision to locate medium and small-scale companies.
The recent strict regulations are due to the series of prohibition of the crypto industry in other places. Regulators in Yunnan district, a great hydropower mining area, have also done the same.
Previously, the founder of BTC.Top, a mining pool, Jiang Zhuoer, stated that it is just the water-power mining firms in the district are still left.
On Thursday, a representative of BTC.Top noted that many BTC traders had moved over to Sichuan due to the regulations in other districts, in order to take advantage of the rich renewable energy in the district. The representative surmised that eighty to ninety percent of crypto miners in China are currently making use of hydropower.
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