China says it wants to eliminate wasteful bitcoin mining

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China says it wants to eliminate wasteful bitcoin mining

On Monday, the 8th of April 2019, China’s state planner, the National Development and Reform Commission said that it had created a revised list of industries, it wished to restrict or eliminate including bitcoin mining, signalling a far-more prudent government attempt pushing forward to mount pressure on global cryptocurrency industry.

Although bitcoin and other cryptocurrency related hardware were previously being considered under a regulatory grey area, and China has been the largest market of computer hardware designed to mine bitcoins, the white listed days of Chinese bitcoin industry might have soon been in jeopardy.

As beforementioned, the Chinese NDRC had created a revised list it wants to restrict or eliminate and the draft of a revised list had also added the cryptocurrency mining industry including bitcoin. According to the revised draft seen by a press agency, the Chinese NDRC said that the Bitcoin and cryptocurrency mining industries should be phased out, as they did not comply with the relevant regulations and laws, wasted resources and were unsafe.

The documents had also added that the ban of listed activities including crypto mining should be effective immediately, while the Chinese state-owned Newspaper, Securities Times reported on Tuesday (April 9th), saying “The draft list distinctly reflects the attitude of the country’s industrial policy towards the cryptocurrency industry”.