The state agency responsible for macroeconomic planning plans to ban China's cryptocurrency mining. Along with the limitation of digital gold mining, the agency has published a list of industrial activities recommended for a ban.
Earlier this week, the National Development and Reform Commission of China began to collect comments on the updated version of the list of industries that, in the opinion of the Chinese leadership, require support, limitation or elimination. In its new version, mining cryptocurrency has been added to more than 450 undesirable activities.
Listed industries violate current law requirements, are unsafe, consume resources or pollute the environment. According to the ministry, industrial mining also hinders further development of the country.
The Commission does not name the date or plan to eradicate mining in Chinese territory. This means that all mining-related cryptocurrency activities should be stopped immediately, she explained. Until May 7, the agency will receive public comments on the submitted list.
The list for guidance on industrial restructuring was created in 2005 to inform local authorities about the sectors that should receive their support or cease to exist. The document was revised in 2011, 2013 and 2016. This year, its updated version is released.