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Sichuan Energy Regulator to Meet to Discuss Bitcoin Mining: Report
Some mines in Sichuan are operating as usual despite the recent crackdown, Global Times reported.
The Sichuan Energy Regulatory Office said Thursday it will meet June 2 to discuss crypto mining activities amid China's nationwide crackdown.
STORY CONTINUES BELOW
- The energy regulator of the southwestern province is required to meet by the country's National Energy Administration, according to Global Times, a newspaper under the Chinese Communist Party's flagship publication, People's Daily.
- Despite a national crackdown on bitcoin mining, some mines in Sichuan are operating as usual, Global Times said, citing unidentified industry insiders.
- Sichuan has been a popular region for bitcoin mining due to its cheap electricity from hydropower during the rainy season.
- Chinese regulators recently stressed that the country would be taking a stricter approach to bitcoin mining, with the People's Bank of China prohibiting financial institutions from providing services to crypto companies.
Read more: Bobby Lee Says Latest China ‘Bitcoin Ban’ Nothing to Fear and Nothing New
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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