SHANGHAI/HONG KONG - 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 gover
nment pressure on the crypto currency sector.
The draft for a revised list added crypto currency mining, including that of bitcoin, to more than 450 activities the NDRC said should be phased out as they did not adhere to relevant laws and regulations, were unsafe, wasted resources or polluted the environment. “The NDRC’s move is in line overall with China’s desire to control different layers of the rapidly growing crypto industry, and does not yet signal a major shift in policy,” said Jehan Chu, managing partner at blockchain investment firm Kenetic.
The crypto currency sector has been under heavy scrutiny in China since 2017, when regulators started to ban initial coin offerings and shut local crypto currency trading exchanges. “Half of the network is probably located in China,” said Alex de Vries, a consultant with PwC in Amsterdam who specialises on blockchain and researches crypto currency mining. He added that the number of mining facilities in the world is still limited to several hundred.
However, the two largest, Bitmain Technologies, the world’s largest manufacturer of bitcoin mining gear, and Canaan Inc, have since let their applications lapse.
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