Cryptocurrencies are going down... What may signal a recovery?
China is eager to ban Bitcoin mining
China's state planner is geared up towards banning Bitcoin mining in the country. That’s what follows from a draft list of industrial activities the watchdog is seeking to eliminate in a sign of soaring government pressure on the crypto sector.
By the way, China happens to be the world's key market for computer hardware specially created to mine Bitcoin as well as other digital coins, even although such activities previously went down under a regulatory grey area.
On Monday, the National Development and Reform Commission told that it was viewing public opinions on an updated list of industries it’s eager to encourage, limit or eliminate. In fact, the list was first uncovered in 2011.
The draft for an updated list mentioned crypto mining, in particular, Bitcoin. The NDRC told that up to 450 activities need to be eliminated because they didn’t adhere to corresponding laws. What’s more, the watchdog stressed that they’re unsafe in addition to their ability to waste resources and pollute the environment.
However, It didn’t specify a plan for how to get rid of Bitcoin mining.
In fact, the NDRC's move gets along with the government’s desire to control different layers of the quickly soaring cryptocurrency industry and doesn’t indicate a key shift in policy.
Some experts are assured that the Chinese government is eager to reboot the cryptocurrency industry as they did with the Internet in the country.
Other crypto investors told that they weren’t surprised by the cabinet’s move. For instance, one anonymous Chinese Bitcoin investor told that Bitcoin mining wastes tons of electricity.
The previous week, Bitcoin managed to surge by 20%, breaking the $5,000 mark for the first time since the middle of November.
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