Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

China central bank can tell local governments to regulate bitcoin miners' power use

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/03/2018 | 12:38pm CEST
FILE PHOTO: A copy of bitcoin standing on PC motherboard is seen in this illustration picture

BEIJING (Reuters) - China's central bank told a top-level government internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production, a source said.

While the People's Bank of China (PBOC) can't directly regulate bitcoin miners' power usage, it can ask local authorities to do so, the central bank told members of the Leading Group of Beijing Internet Financial Risks Remediation at a meeting at the end of 2017, the source said.

Experts say China is one of the world's biggest sources of bitcoin mining, where miners solve complex mathematical puzzles with computers in order to be awarded virtual coins. The intensive use of computers for bitcoin mining has boosted demand for electricity.

In September China ordered all initial coin offerings to cease and all cryptocurrency trading exchanges to be shuttered with the aim of containing financial risks. Bitcoin miners have feared that they could be the next target.

At the meeting, the PBOC said development of bitcoin mining will be limited, according to the source, who declined to be named as he is not authorized to speak on the matter.

The PBOC could not be reached for immediate comment outside business hours.

(Reporting by Ryan Woo and Beijing Newsroom; editing by Jason Neely)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
11:16pNEWS HIGHLIGHTS : Top Global Markets News of the Day
DJ
11:16pNEWS HIGHLIGHTS : Top Company News of the Day
DJ
11:06pTech Down on Retreat From Cyclical Sectors - Tech Roundup
DJ
11:03pCFTC U S COMMODITY FUTURES TRADING COMMISSION : Federal Court Orders Trading Firm and CEO to Pay More than $2.5 Million for Fraudulent Bitcoin Ponzi Scheme
PU
10:58pFinancials Down As Draghi Comments Weigh On UniCredit - Financials Roundup
DJ
10:52pGoldman Sachs says executives will not attend Saudi conference
RE
10:49pStocks tumble on souring sentiment; oil falls
RE
10:49pConsumer Companies Down Amid Inflation, Spending Risks - Consumer Roundup
DJ
10:49pTreasurys Rebound as Italy Fears Resurface
DJ
10:49pStocks tumble on souring sentiment; oil falls
RE
Latest news "Economy & Forex"
Advertisement