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China State Planner Targets Crypto Mining on Clean Up List

China State Planner Targets Crypto Mining on Clean Up List


China State Planner Targets Crypto Mining on Clean Up List

China’s National Development and Reform Commission (NDRC) is looking to siphon off a number of industries which include cryptocurrency mining as part of a state cleanup.

The NDRC of the People’s Republic of China, formerly State Planning Commission and State Development Planning Commission, is a macroeconomic management agency under the Chinese State Council, which has broad administrative and planning control over the Chinese economy. The commission is therefore responsible for rubber stamping or even eliminating industry in the country.

It appears that Bitcoin mining may fall into the latter scenario as the activity has been added to a cull list of over 450 activities under scrutiny due to what it sees as a violation of relevant regulations. The public has been given a month to make their own views felt on the commission’s latest draft, after which, more formal decisions will be taken regarding the future of the named activities.

Such a move has been anticipated within the Chinese cryptocurrency community after ICOs were banned and many exchanges driven overseas after an official shutdown. Although Chinese companies list among the world’s major manufacturers of mining gear and the country remains home to major crypto mining firms, the pressure is on to follow the government line, which remains vehemently anti cryptocurrency, despite top-down official expressions of interest in the burgeoning blockchain industry.

A local state-owned paper the Security Times said that the announcement “distinctly reflects the attitude of the country’s industrial policy”.

A plan by mining giant Bitmain which suggests it is preparing to roll out 20,000 of its own mining units in China to capitalize on the country’s cheap hydroelectric power later this year may well have to be revised dependant on the outcome of the NDRC decision.

 

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