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China’s NDRC considers banning crypto mining activities

Wed, 10 Apr 2019, 11:50 am UTC

The National Development and Reform Commission (NDRC), a macroeconomic management agency under the Chinese State Council, is considering eliminating bitcoin mining activities in the country, Reuters reported.

The state planner is seeking public opinion on a revised list of industries that it intends to encourage, restrict or eliminate.

The Catalogue of Industrial Structure Adjustment Guidance, first published in 2011, has now been revised to include cryptocurrency mining in more than 450 activities which the NDRC believes should be stopped as they do not comply with relevant regulations, and were “unsafe, wasted resources or polluted the environment.”

In September 2017, the People’s Bank of China and a number of government ministries banned initial coin offering and fiat-to-crypto trading activities in the country. The regulatory authorities have also been issuing warnings against illegal fundraising and trading activities in the name of blockchain.

The country has already been trying to limit crypto mining activities and forcing many firms to relocate to other countries.

Chinese companies are counted among the world’s biggest manufacturers of bitcoin mining equipment. Last year, three such companies filed for initial public offerings (IPOs) in Hong Kong, however, Bitmain and Canaan have let their applications lapse.

The public has until May 7 to send their comments on the revised list.

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