China’s top economic planning agency added Bitcoin mining to the draft list of eliminated industries
According to 8BTCNews, the China National Development and Reform Commission (NDRC) has added Bitcoin mining to the draft list of eliminated industries, seeking public comment.
Breaking! China’s Development and Reform Commission publicly solicited opinions on the “Negative List of Market Access (2021 Edition)”, and included virtual currency “mining” activities in the elimination category as “Outdated production technology and equipment”.#bitcoin pic.twitter.com/fVjCdXW782
— 8BTCnews (@btcinchina) October 8, 2021
China’s state planner moves to eliminate Bitcoin mining
The NDRC was established in 1998. It is a macroeconomic, regulatory body responsible for planning economic development strategies throughout mainland China.
It is known that China’s top economic planning agency will open a public consultation, which will last from October 8 to October 14 for public consultation. As there is no target date for phasing out such activities, the ban will be effective immediately.
The country’s top economic planning agency initially considered stopping mining in April 2019. However, despite appearing in the draft version, it did not make it to the final list of eliminated industries back then.
Two years ago, China was still the dominant force in Bitcoin mining, capturing a large share of the global hashrate. This changed as most of China’s provinces cracked down on the industry this summer, causing a massive exodus of local miners to Kazakhstan, Russia, the US, and other countries.
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