Mining

09/04/19 08:41 UTC-4

Chinese lawmakers are going to ban mining cryptocurrency at the state level

On April 8, on Monday, the National Development and Reform Commission of China announced that it intends to abandon the miningMining
– is a type of activity for creating new blocks in the Blockchain to ensure proper system operation. Details
of cryptocurrencies in the country. The corresponding document was made public and presented to the public. 

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According to the document, the mining of cryptocurrency assets is an undesirable industry that could adversely affect the economy of China.

 

Possible ban on mining in China

Yesterday, the Chinese financial regulator, the National Development and Reform Commission of China, unveiled a plan for a bill that says mining could be outlawed.

If this bill enters into force, the extraction of cryptocurrency, the spread of mining devices, as well as their resale will be subject to criminal liability.

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In addition, the law will ban mining companies, cloud mining, general mining farms and the activities of local manufacturers of equipment for the extraction of cryptocurrency money (Bitmain, Canaan). The final information will be announced on May 7th, it is up to this time that the Chinese legislature should confirm or deny the bill.

Local media tweeted: 

“China is considering the possibility of phasing out the extraction of cryptocurrencies, including bitcoin, according to a bill published by the National Development and Reform Commission on Monday that lists the industries that the country will promote, limit and eliminate.”

Chinese legislators intend to ban mining cryptocurrencies at the state level. Recall that on March 26th, Bitmain the Chinese mining company announced a change in management and a delay in the application on the Hong Kong Stock Exchange. In addition, in February, the Chinese mining giant, Ebang,  announced that it was going to release more than 400 thousand new mining-Asics.

Editor: Yulia Krasnaya

See also: "Bitmain: overdue application on HKEx and the new director of the company"

#cryptocurrency #mining #China #cryptocurrency #legislation #miningban

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