China considers ban on cryptocurrency mining

cryptocurrency mining

The China National Development and Reform Commission (NDRC) is contemplating a total ban on cryptocurrency mining in the country, according to a draft list of industrial activities that was published on Tuesday (April.9th).

The NDRC said on Monday that it is seeking public opinion for its list of industries it is seeking to restrict or eliminate, if they do not adhere to relevant laws and regulations, or are unsafe or waste resources and pollute the environment.

The NDRC did not mention a target date or plan for how to eliminate Bitcoin mining, but the Chinese public has until May 7th to comment on the draft, according to China Knowledge.

China started clamping down on cryptocurrency activities in 2017 after multiple frauds and Ponzi schemes in the industry.

The Chinese government began banning initial coin offerings and local cryptocurrency exchanges, forcing many firms to find bases outside of the country.

Currently, China is the world’s largest market for cryptocurrency mining equipment and home to major manufacturers such as Bitmain and Canaan.

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