The central bank of China is tightening its grip on bitcoin mining in the state, telling local governments that it has the authority to regulate power usage for that mining.
The People’s Bank of China cannot directly regulate power usage, Reuters reported today. However, the bank can ask local authorities to regulate it.
If the central bank limits the amount of power available, production of bitcoin at these local mining facilities would be reduced. China is currently one of the top mining countries for bitcoin, mining being the original way of receiving the currency.
This news follows previous moves by central Chinese banks and regulators to assume further control over cryptocurrency in the country, including banning Initial Coin Offerings as well as closing several cryptocurrency exchanges.
The former top cryptocurrency exchange in China, Huobi, has closed a deal with Japan’s SBI Group, and will be opening two cryptocurrency exchanges in the country during this quarter, it was reported yesterday.
Read more at Reuters and Bitcoin News.
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