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China rectifies mining of cryptocurrency, plans to impose punitive electricity charges on participants

17 Nov 2021

On bitcoin mining in China, SMU Associate Professor of Computer Science Zhu Feida pointed out that according to news circulating within the currency circle, the market value of bitcoin assets received by former vice chairman of the Jiangxi Provincial Committee Xiao Yi during his tenure, exceeded S$2 billion, and the mine owners he cooperated with owned nearly 10 billion yuan in bitcoin assets. He observed that such acts have made China realise that bitcoin may pose a great risk to the stability of the financial system, and the official lack of means to control this risk means that more mining stations need to be shut down.

Lianhe Zaobao

Last updated on 18 Nov 2021 .