China wants to ban cryptocurrency mining

The Chinese National Development and Reform Commission has added cryptocurrency mining to a list of activities that should not be allowed. The list is not final yet; the NDRC is still asking for comments.

The NDRC is asking the public to voice their opinion and Chinese people can comment on the agency’s new list until May 7, Reuters writes. If there is a ban, it is not clear how it will be enforced and when it will take effect.

Many companies are active in China that make hardware for mining bitcoins or other cryptocurrencies, the most famous of which is Bitmain. There are also many companies in China that mine cryptocurrency on a large scale themselves. The Commission’s decision is in line with China’s policy on cryptocurrency. The country has already turned against cryptocurrency trading places before.

Since 2011, the NDRC has maintained a list of industries that should be encouraged, restricted or banned. Cryptocurrency mining has now been added to the list of activities that should not be engaged in, because they “do not follow laws and regulations, are unsafe, wasteful and pollute the environment”.