State macroeconomic planning company in China violates ban on crypto mines

3 min read

China & # 39; s National Commission for Development and Reform (NDRC), a state planning agency charged with leading macroeconomic policies, has revealed it is considering the elimination of crypto-mines in the country. The news was reported by Reuters on April 9.

The NDRC has reportedly included crypto-mines as part of its draft revised list of industrial activities that the agency plans to shorten. The list – reportedly running at more than 450 points – identifies activities that the state considers to be in violation of relevant laws and regulations, poses a security risk or is non-ecological.

It is part of the broader NDRC industry guide for restructuring the industry, which has been issued since 2005 and defines which industries in the country should be promoted, restricted or eliminated.

Since the draft list is reportedly open to public feedback since 8 April, the NDRC has reportedly not set a proposed target date for the eradication of cryptomining activities, but stipulates that the sector should be phased out with immediate effect.

Reuters cites the state newspaper The Securities Times as today which reports that the draft list of the NDRC "clearly reflects the attitude of the country's industrial policy" towards the cryptocurrency industry. The public now has until May 7 to comment on the concept.

Since the historic ban of People & # 39; s Bank of China (PBOC) on offering first coins (ICO & # 39; s) in September 2017, the Chinese state has made a number of faltering moves to try crypto-mining -titans of the country.

Due to the plethora of cheap energy and hardware in the country, reports in previous years had indicated that more than two thirds of the global mine pools were located in China. By January 2018, a leaked memo reportedly from the central bank to a top-level government funding group advocating the orderly exit of Bitcoin miners from the country.

Nonetheless, mining has not yet been completely banned, with industry giants such as Bitmain from Beijing operating both nationally and internationally. This has continued despite the negative impact of the cryptobarker market, domestic pressures and increasing trade restrictions with the United States.

At the end of March, Bitmain announced its plans to set up 200,000 units of mining equipment in China to take advantage of the country's cheap hydroelectric energy, even when it contracted its overseas operations.

http://platform.twitter.com/widgets.js window.fbAsyncInit = function() { FB.init({ appId : ‘1922752334671725’, xfbml : true, version : ‘v2.9’ }); FB.AppEvents.logPageView(); }; (function(d, s, id){ var js, fjs = d.getElementsByTagName(s)(0); if (d.getElementById(id)) {return;} js = d.createElement(s); js.id = id; js.src = “http://connect.facebook.net/en_US/sdk.js”; js.async = true; fjs.parentNode.insertBefore(js, fjs); }(document, ‘script’, ‘facebook-jssdk’)); !function(f,b,e,v,n,t,s) {if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)}; if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′; n.queue=();t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e)(0); s.parentNode.insertBefore(t,s)}(window,document,’script’, ‘https://connect.facebook.net/en_US/fbevents.js’); fbq(‘init’, ‘1922752334671725’); fbq(‘track’, ‘PageView’);

Written by

Don Bradman

Leave a Reply

Your email address will not be published. Required fields are marked *