Chinese Authorities to Shut Down Illegal Miners

China's Xinjiang Uyghur autonomous region is set to eliminate "illegal" bitcoin mining by the end of September
24 July 2018   478

The Chinese authorities intend to put an end to the "illegal" bitcoin mining in the Xinjiang Uygur Autonomous Region before the end of August. This is reported by CoinDesk.

The first rumors about the authorities' new plans appeared this weekend after a leak of the documents of the Economy and Information Commission of Xinjiang (EIC). In particular, it says that local suppliers of electric power industry are obliged to stop illegal bitcoin mining and to report it to the authorities.

Authorities note that "illegal mining" also means mining without license and use of electricity without official contacts.

Local utility agencies and companies will be held accountable if they failed to shut down 'illegal' bitcoin mining operations.

Economy and Information Commission of Xinjiang

PRC authorities obliged the electricity suppliers from Xinjiang Province to regularly report on the activities of local companies engaged in bitcoin mining.

This decision largely affected the activities of the mining companies that carry out operations in this region. So, Scott Meng, the head of the Canadian blockchainn start-up, who is also engaged in the mining in Xinjiang, said that the measures taken by the Chinese authorities "definitely had an impact" on local companies.

I have two partners (in the region): one has 18,000 crypto miners, the other has 40,000. And they have been crying for help in the past days, urging me to look for places in the U.S. and Canada (as substitutes). But even for me, I have to get electricity first. And even if I had that, we need to build farms from scratch.

Scott Meng

CEO, Canadian Blockchain Startup

As reported, in June 2017, the EIC also issued a notice to municipal governments asking them to be careful when supporting bitcoin mining companies.

South Korea to Allocate $880M for Tech Including DLT

The goal is to "focus on promoting big data and AI, developing blockchain technology to ensure data management security and boosting the sharing economy"
16 August 2018   99

In 2019, the government of South Korea plans to invest more than $ 880 million in accelerating the development of innovative technologies, such as blockchain, CoinDesk reports.

Deputy Prime Minister Kim Dong Yeon held a ministerial meeting to work out an investment plan for the government to develop innovations for the next five years.

According to the website of the Ministry of Economy and Finance of South Korea, the government allocated 1 trillion won (about 880 million dollars) - 80% more than in 2018 - for the development of technologies like blockchaain, big data and AI in 2019. In addition, the agency said that in the next 5 year total investments of 8-9 billion dollars are planed.

The goal is to "focus on promoting big data and AI, developing blockchain technology to ensure data management security and boosting the sharing economy," the press release said.

The investment plan does not specify how much money will be invested in each of these areas separately. There's no info wether it will be allocated to mining facilities.

Earlier, the Ministry of Information and Communication Technology of South Korea reported that in 2019 will allocate $ 9 million to invest in blockchain start-ups. In addition, in June it became known that the same ministry was cooperating with other state agencies on the development of six pilot programs, within which the block would be used in large government services.