According to Reuters, China’s state planner wants to ban Bitcoin (available on Coinbase) mining. The National Development and Reform Commission (NDRC) has updated a draft list of industrial activities that it is looking to encourage, restrict, or eliminate.
The list was first published in 2011.
NDRC Wants to Ban Cryptocurrency Mining
Unfortunately for crypto enthusiasts, cryptocurrency mining has made the elimination list. The NDRC concluded that it, along with 450 activities, should be phased out as they did not follow current laws and regulations.
As stated, cryptocurrency mining was joined by 450 other activities deemed unsafe, wasteful, pollutant to the environment, or unlawful.
NDRC did not give a date or plan to implement the elimination of cryptocurrency mining but this, in turn, means it believes it should be phased out immediately.
However, the public has until May 7th to comment on the draft.
Ironically, China is the world’s largest market for crypto mining hardware. Business has boomed in this sector despite crypto mining falling under a regulatory grey area.
With a majority of Chinese people in support of the cryptocurrency industry, the list might face a backlash. It is not necessarily a reflection of everyday sentiment, but rather the “attitude of the country’s industrial policy” toward the cryptocurrency industry.