China Planning to Ban Cryptocurrency Mining

Cryptocurrency Crime

China is moving to ban mining cryptocurrency. Bloomberg News reports that having banned coin offerings in 2017, as well as asking local exchanges to stop trading, Chinse officials are preparing to go a step further.

The National Development Reform Commission, the country’s powerful economic planner, this week listed crypto-mining among a plethora of industries it intends to eliminate because they “seriously wasted resources” or polluted the environment. The agency is seeking public feedback on the guidelines and indicated that the crypto-mining ban could take effect as soon as they’re formally issued… While China was once home to about 70 percent of Bitcoin mining and 90 percent of trades, authorities have waged a nearly two-year campaign to shrink the crypto industry amid concerns over speculative bubbles, fraud and wasteful energy consumption.

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