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Cryptocurrencies

China's state planner wants to ban Bitcoin mining

Tuesday 9 April 2019 | 10:09 AM CET

The growing Chinese government pressure on the cryptocurrency sector could lead to banning Bitcoin mining in the country, according to Reuters.

The National Development and Reform Commission (NDRC) has been seeking public opinions on a revised list of industries it wants to encourage, restrict or eliminate. Cryptocurrency mining, including that of Bitcoin, has been discussed to be phased out as NDRC believes these activities do not adhere to relevant laws and regulations, are unsafe, waste resources or pollute the environment.

At the moment, China is the world’s largest market for computer hardware designed to mine Bitcoin and other cryptocurrencies, even though such activities previously fell under a regulatory grey area.

However, a target date or plan for how to eliminate Bitcoin mining, was not stipulated, meaning that such activities should be phased out immediately, the document said. The public has until May 7 to comment on the draft.

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