<span style="font-weight: 400">Northern China’s Inner Mongolia Autonomous Region is pushing inspection for crypto mining firms in the area. Meanwhile, it seems regulators in the region are thorough in cracking down and dispatching inspection units; Which will eventually assure “clean-up and rectification of crypto token mining companies.’ </span>
<h2><strong>Crypto token Mining in China</strong></h2>
<span style="font-weight: 400">The proposed inspection has its major target upon cryptocurrency mining companies whose models seem irrelevant to the real economy. In addition to companies that have been enjoying preferential government policies; such as land, local electricity rates, and taxes after pretending to be participants of the big data industry. The Chinese government issued a formal notice in September demanding a clean up of existing crypto mining companies. Five departments in Inner Mongolia took the urge to rectify the mining industry within its region. What followed was a sprint with the regulator declaring that virtual currency mining belonged to the <a href="http://www.nber.org/chapters/c7506">pseudo-financial</a> innovation and is entirely; unrelated to the real economy. Nevertheless, the regulator concluded that such ludicrous startups have not the right to receive state support. </span>

<span style="font-weight: 400">Meanwhile, the impact of the planned inspection on crypto mining operators in Inner Mongolia is still unclear. However, several workers in the crypto mining industry have or are moving to other countries. A senior research fellow at the Fintech Institute of Renmin University, Yang Wang stated: </span>
<blockquote><i><span style="font-weight: 400">"Most people I knew who worked in the domestic crypto token industry have already shifted their businesses to Southeast Asian countries like Singapore. They felt that the crypto token market has come to an end in China.”</span></i></blockquote>
<h2><b><i>Chinese blockchain spending to exceed $2 billion by 2023</i></b></h2>
<span style="font-weight: 400">On November 13, Cryptoknowmics <a href="https://www.cryptoknowmics.com/news/chinas-spending-on-blockchain-technology-will-exceed-2-billion-in-2023">published</a> a case study reporting China’s Blockchain spending will exceed $2 billion by the year 2023. The aftermath will be a compound annual growth rate of 65.7% between 2018 - 2023. Furthermore, the report also noted that the bulk of the Country’s blockchain spending will carter for the banking sector. Other sectors included in the report are manufacturing, professional services, and retail. </span>

Chinese Regulators Cracking Down on Crypto Mining Companies

China’s Inner Mongolia Autonomous Region is pushing inspection for crypto mining firms in the area.clean-up and rectification of crypto token mining.’

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

Chinese Regulators Cracking Down on Crypto Mining Companies

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