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China Crypto Roundup (May. 17-May. 23):Chinese Regulators Eyeing Crypto

1. In Sichuan, the power of Bitcoin plunged by 20% after a power cut was imposed on hydropower parks

As of the morning of May 17, bitcoin mining pool’s 24-hour computing power suddenly plunged 20%. Mainly because of shortage of power supply and carbon neutrality policy.

A screenshot of a Notifying Letter provided by miners shows that since May, the power load of Sichuan has continued to grow rapidly, coupled with less water and short supply of coal for power generation, and the power supply is very severe.

Relevant provincial departments planned to implement temporary all-day power rationing for all big data users (which includes mining farms) in the demonstration area of hydropower consumption from May 16.

The resumption time will be further notified depending on the supply and demand situation. More and more regions in China may will formulate relevant policies.

2. Joint announcement from the three Associations: financial payment institutions shall not carry out businesses related to virtual currencies

On May 18, China Internet Finance Association, China Banking Association and China Payment and Clearing Association issued the following joint announcement:

It is illegal to exchange fiat currency with virtual currency and provide exchange business between virtual currencies; it’s illegal to issue tokens and to trade derivatives of virtual currency.

Financial institutions, payment institutions and other members of the Associations shall not carry out businesses related to virtual currencies.

3. Inner Mongolia Development and Reform Commission: the future will continue to virtual currency mining high-pressure supervision

On May 18, the Inner Mongolia Development and Reform Commission (NDRC) announced that it has set up a platform for reporting virtual currency mining enterprises, and will fully accept complaints and reports on problems related to virtual currency mining enterprises.

The reporting scope includes: virtual currency “mining” enterprises (including other hidden forms of “mining” enterprises and entities); Virtual currency “mining” enterprises disguised as data centers enjoying preferential policies on taxation, land and electricity price; Enterprises that provide space rental and other services for enterprises engaged in virtual currency “mining”; Companies that illegally obtain electricity supplies and “mine” virtual currencies.

4. The Financial and Banking Commission of the State Council: Efforts will be made to reduce credit risks and crack down on Bitcoin mining and transactions

On May 21, the Commission held its fifty-first meeting.

The meeting called for resolutely preventing and controlling financial risks. It mentioned strengthening the supervision of financial activities of enterprises platform, cracking down on Bitcoin mining and trading.

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