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Chinese Miners Forced to Submit Monthly Reports

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In order to stimulate the real economy and limit financial risks, the Chinese Government is introducing a number of measures aimed at the “organized” exit of miners from this business. The authorities of Xinjiang province were the first to take active measures. According to the adopted regulations, all miners are now required to submit monthly reports to the regulator. The report should contain all information about the business conditions and the current affairs.

The normative act was signed in the committee, which oversees financial risks in the Internet. The regulations emphasize that in Xinjiang province there are several large enterprises engaged in the mining of cryptocurrencies. These companies consume large amounts of electricity, in addition, they carry out speculative activity in the market. To reduce financial risks and stimulate the development of real sectors of the economy, the provincial authorities need to take a number of measures aimed at “withdrawing” miners from this sector of the market.

The document also stipulates that the relevant commission of the province will update the information on the current affairs every month, as of the 5th day. This summary will indicate how many companies in the mining business have already left the market, and how many continue to work.

 

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