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Policy · Fintech
China considers banning cryptocurrency mining
CKN
2019/04/09 05:50:05
2,639
cryptocurrency mining; mining ban

Apr 09, 2019 (China Knowledge) - China’s National Development and Reform Commission (NDRC) is considering to ban cryptocurrency mining in the country according to a draft list of industrial activities the state planner is seeking to stop as government pressure increases in the cryptocurrency sector.

The NDRC is still currently seeking public opinions for its list of industries it is seeking to restrict or eliminate as they do not adhere to relevant laws and regulations, are unsafe or waste resources and pollute the environment. The list includes more than 450 activities of which cryptocurrency mining was added in its latest revision.

The NDRC has not stipulated a date or plan as to how to eliminate bitcoin mining but the public has up to May 7th to comment on the draft.

The inclusion of cryptocurrency mining reflects the attitude China has in regards to the cryptocurrency industry which has been under heavily scrutiny from the Chinese government since 2017 after multiple frauds and Ponzi schemes in the sector.

The government has since banned initial coin offerings, closed local cryptocurrency trading platforms and exchanges in the country and limited cryptocurrency mining, forcing companies in the industry to move out of China to continue their operations.

Currently, Chinese companies are also the largest suppliers to cryptocurrency mining gear.

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