China tells govt companies to stop Bitcoin mining, says action will be taken if order not followed

NDRC, the agency responsible for regulating the economy of China, has warned that state-owned enterprises found to be involved with Bitcoin mining will be prosecuted with heavy penalties. The agency will also instruct provinces and municipalities to crack down on such mining operations.

China has once again cleared its stance towards cryptocurrency mining in the country. Issuing a warning to state-owned enterprises, the country has asked them to stop the mining of cryptocurrencies like Bitcoin and has hinted at stern measures against those found to be carrying on with the practice.

The recent warning has been issued in a statement by National Development and Reform Commission's (NDRC) spokesperson Meng Wei. In a press conference on Tuesday, Wei announced that NDRC, the agency responsible for the country's economy, plans to stop industrial-scale Bitcoin mining. Wei also warned state companies against their involvement in the activity, mentioning strict measures to be taken against defaulters.