The Chinese Government is Looking to Ban All Bitcoin Mining Activities From Within Its Borders

According to an all-new report released by Reuters earlier today, the Chinese state planner has just released a draft of all the industrial activities it is looking to slowly weed out from within its economic framework. In this regard, it should be pointed out that the ‘bitcoin mining industry’ figures quite prominently on this list — thereby showcasing the government’s clear bias against this otherwise burgeoning sector.

Get Free Email Updates!

*Action Required* Enter Your Email for Trending Crypto News & Coin Market Insights

I will never give away, trade or sell your email address. You can unsubscribe at any time.

More On The Matter

As per a circular issued by the Chinese National Development and Reform Commission (NDRC) on Monday, the government body has made it clear that it is currently seeking public opinion on a “revised list of industries” that the masses would like to either see proposer, restricted or eliminated altogether.

In the latest iteration of the aforementioned draft, the cryptocurrency mining industry, as well as some other crypto related activities, stand out quite blatantly. On the matter, the NDRC also stated that the mining industry was being added to the draft due to its unsafe and non-environmental friendly nature.

Not only that, a spokesperson for the agency also added that a host of Chinese mining operators did not adhere to relevant laws and regulations associated with this domain.

Lastly, we need to point out that neither a stipulated date nor a POA (plan of action) as to how the above-mentioned activities will be carried out has been provided to the public — despite the government wanting to phase out the industry immediately. As things stand, the general public has up until the 7th of May to comment on the draft and recommend changes if they wish to do so.

Other Key Specifics to Bear in Mind

  • According to a government-owned media publication called the ‘Securities Times’, the draft very clearly highlights China’s stance as well its industrial policy towards the digital asset sector.
  • As many of our readers may be well aware of, China has been closely scrutinizing its alt-coin industry since the start of 2017. First, the government started by banning all ICOs taking place within its borders. Following this, they then proceeded to pass legislation that banned all local cryptocurrency trading exchanges w.e.f.

Final Take

Over the course of the past couple of years, the Chinese government has been trying to limit the clout of its mining industry by forcing many operators to move their businesses abroad.

Last but not least, one also has to remember that many Chinese mining firms are amongst the largest in the world and just last year, three of the nation's largest operators launched IPOs in Hong Kong to raise billions of dollars.

Chinese Markets Reveal Strong Bitcoin Buys With Tether Fueling The Crypto Market Money Inflow

Crypto Traders In China Are Going The Extra Mile Via OTC Services To Acquire Bitcoin At A Premium

Get 3 Free Bitcoin eBooks for Limited Time Only

Receive three exclusive user guides detailing a) What is Bitcoin b) How Cryptocurrency Works and c) Top Crypto Exchanges today plus a bonus report on Blockchain distributed ledger technology plus top news insights.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \\ Investment Disclaimer

<< LIVE COIN MARKET CAP CRYPTOCURRENCY PRICES CHANGE + VOLUME >>

Coin Market Cap Price Change 24 Hour Volume
BTC $91.32B $5,169.1989 -5.30% $4.85B
ETH $16.29B $153.9949 -6.93% $2.31B
XRP $12.25B $0.2916 -3.28% $425.27M
BCH $4.76B $268.3888 -3.48% $213.1M
LTC $4.42B $71.8536 -2.20% $916.46M
EOS $4.35B $4.6102 -4.21% $987.08M
BNB $3.07B $21.7711 -4.63% $153.08M
USDT $2.84B $0.9923 -1.37% $4.3B
XLM $1.87B $0.0981 -5.08% $44.19M
ADA $1.8B $0.0693 -2.56% $73.79M

<< TODAY’S TOP BITCOIN, BLOCKCHAIN AND CRYPTO NEWS HEADLINES >>

09:28 PM How Bullish Is JP Morgan's Blockchain Exploration as a Means o...
08:36 PM New Scam Alert, Bitcoiner Be Aware: Schemer Disguises As “BPD ...
08:23 PM Moscow And Regions From Russia To Trial Crypto And Blockchain ...
08:17 PM Hackers Target Atlanta Hawks Online NBA Basketball Store Using...
07:58 PM Chainalysis Report Says All But 5% Of Cryptocurrency-Related C...
07:42 PM Marco Polo Blockchain Network Welcomes Japan’s SMBC Bank For T...
07:35 PM Binance, OKEx And Huobi Global Witness 30% Increase In Trading...
07:21 PM ErisX Exchange Could Open New Spot Trading Services As TDAmeri...
06:50 PM Nike Shoe Company Submits Patent And Trademark Document For ‘C...
06:46 PM Genesis Global Capital Issues $425 Million Worth Of Cryptocurr...
06:46 PM United States SEC And CFTC Jointly Warn Investors About Fraudu...
06:22 PM BITCOIN SV Price Prediction Today: Daily (BSV) Value Forecast ...
06:14 PM Ripple Has Sold $890 Million Worth Of XRP Tokens, Nearly One T...
05:46 PM Monex Plans Coincheck Exchange Trading Services Reopen In July...
05:37 PM Backpage Classified Ads Website's Use Of Bitcoin Might Be The ...
05:21 PM Samsung-Backed Blockchain Firm Blocko Partners With Hyundai Au...
05:01 PM South Korea's Gil Medical Center, Longenesis To Create Blockch...
04:54 PM XRP Price Stuck at $0.30 But Still Up Over 388% Since Ripple C...
05:04 PM Binance Makes Its Singapore Crypto Exchange Launch Official, O...
04:40 PM ErisX Crypto Exchange is Gearing Up for Official Trading Platf...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

1 + 16 =