The authorities in Xinjiang province have issued an official document notifying the minor premises to submit status reports monthly. According to a government statement signed by a committee in charge of overseeing the funding risks of the Internet, the mining companies have been invited to write a situation report posted online and verified by officials.
This document stipulates that Xinjiang is home to multiple minors. To reduce financial risks and encourage the real economy, the devices must be taken to guide the professionals of the sector towards a legal framework.
Check out below the details of this announcement :
A legal status for the mining companies in china
The document stated that the goal was to put in the legality of the mining companies. Moreover, the Commission of economy and information technology in Xinjiang has the obligation to update the status of the companies before the 5th of each month. Many of the largest miners in the world were installed in the provinces in mountainous and remote parts of the Sichuan and Yunnan to benefit from cheap electricity.
Source : Pixabay
However, the chinese authorities have proposed restrictions on the consumption of energy in order to slow down the development of the industry.
Limit the consumption of electricity
Another document provides for a reduction in the electricity consumption of the industry. It states that local authorities should work with several departments to take measures regarding the price of electricity, land use, taxation, and the protection of the environment. In relation to the ban imposed by China in September 2017, these proposed restrictions have not caused a panic among the chinese community.
A minor in Sichuan has said he was confident of the fact that the companies specialized in this field remain always a leader. He explained that the professionals in this sector are well aware of the evolution of the market as well as regulations implemented by the governments.
Source : NewsBitcoin