China seeks to ban cryptocurrency mining: report

bitcoin
The NDRC wants to ban cryptocurrency mining in China (Image gaetan stoffel / iStockPhoto)

China's National Development and Reform Commission (NDRC) is reportedly seeking to ban bitcoin mining in the nation in China's latest regulatory crackdown on cryptocurrencies.

The NDRC has added mining for bitcoins and other cryptocurrencies to the latest draft of a list of more than 450 activities that should be phased out, and is seeking public opinions on the revised list, Reuters reported.

According to the NDRC, the listed activities should be phased out on the grounds that they do not adhere to current laws and regulations, are unsafe, waste resources, or pollute the environment.

Sources quoted in the report pointed out that bitcoin mining generates a lot of electricity. Alternatively, the restrictions could mark an attempt by China to reform the cryptocurrency industry into one they have regulatory control over.

Chinese authorities have been cracking down on the cryptocurrency market since 2017, when regulators started to restrict initial coin offerings and shut down local cryptocurrency exchanges. This has left major cryptocurrency mining companies forced to relocate to other countries.

In Hong Kong meanwhile, attempts by manufacturers of cryptocurrency mining equipment to file for IPOs in Hong Kong have not materialized, due in part to reported opposition from Hong Kong regulators.

The report states that China is the world's largest market for specialized cryptocurrency mining hardware.

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