Cryptocurrency Move from China and England: 49 Projects Closed!

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Cryptocurrency projects in China’s Inner Mongolia region are having a hard time. Resolutely blocking the development of the crypto mining project, Inner Mongolia took action. Meanwhile, the UK’s central bank reportedly wants to take a tough stance on cryptocurrencies.

Mining measures toughen in Inner Mongolia

Currently, the economy of Inner Mongolia is going through an extremely important process of tightly controlling high-tech industries such as crypto mining, calcium carbide, coke, steel, and electrolytic aluminum. In Inner Mongolia, which came to the fore with its harsh attitude towards crypto mining, the development of projects started in violation of the legislation would be stopped. After the implementation of the penal measures for these projects and the completion of the relevant procedures, the projects would be able to be implemented again.

Among them are cryptocurrency mining projects. The cryptocurrency mining project was completely cleaned and banned, 49 crypto mining projects were terminated in the region, and the 186 mining IP lists under monitoring were dynamically cleared.

Bank of England: Tougher action will be taken on cryptocurrencies

Looking at other developments, Sarah Breeden, head of Financial Stability Strategy and Risk at the Bank of England, said in a recent interview that the bank is preparing to take tougher steps towards cryptos. Breeden said that institutions should work together, citing the lack of sufficient information about cryptos. Breeden said that there is not yet a suitable regulatory framework for the cryptocurrency space, but they are preparing to create it. She stated that this should happen with the cooperation of all regulatory bodies in the world.