China Wants To Ban Bitcoin Mining

According to the South China Morning Post the top economic planning body has proposed new rules that would see the closure of all local cryptocurrency mining facilities if put in place. This move would potentially end the country’s dominance in the energy-hungry, yet lucrative industry.

The National Development and Reform Commission (NDRC) on Monday unveiled amendments to its guidance for adjustments to the nation’s industrial structure, including categories that are encouraged, restricted and eliminated. Cryptocurrency mining was included among sectors to be eliminated immediately. The new list is under public consultation until May 7th 2019.

“The NDRC’s move is in line overall with China’s desire to control different layers of the rapidly growing crypto industry, and does not yet signal a major shift in policy,” said Jehan Chu, managing partner at blockchain investment firm Kenetic.

Duncan Newell

Duncan is a technology professional with over 20 years experience of working in various IT roles. He has a interest in cyber security, and has a wide range of other skills in radio, electronics and telecommunications.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: