China proposes banning bitcoin mining GlobeBusiness
China’s state planner wants to eliminate bitcoin mining in the country, according to a draft list of industrial activities the agency is seeking to stop in a sign of growing government pressure on the cryptocurrency sector.
It did not stipulate a target date or plan for how to eliminate bitcoin mining, meaning that such activities should be phased out immediately, the document said. The public has until May 7 to comment on the draft. “I believe China simply wants to ‘reboot’ the crypto industry into one that they have oversight on, the same approach they took with the Internet.”“Bitcoin mining wastes a lot of electricity,” said one Chinese bitcoin trader who declined to be named due to the sensitivity of the situation.
China also began to limit cryptocurrency mining, forcing many firms – among them some of the world’s largest – to find bases elsewhere. Chinese companies are also among the biggest manufacturers of bitcoin mining gear, and last year three filed for initial public offerings in Hong Kong, looking to raise billions of dollars.
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