PBC not trying to block Bitcoin mining: report

The People’s Bank of China (PBC), the country’s central bank, is not trying to shut down Bitcoin mining, domestic financial site caixin.com reported Thursday, citing an authoritative source who refused to be identified.

But there is a desire to gradually cancel preferential policies in the Bitcoin mining industry, including changes to the price of electricity and taxation, the source noted.

Reuters reported on Wednesday, citing another source, that the PBC told a top-level government internet finance group that it can tell local governments to regulate the power usage of Bitcoin miners to gradually reduce the scale of their production.