China’s NDRC to eliminate crypto mining industry again
On the 8th, the National Development and Reform Commission (NDRC) of China added crypto asset mining to its list of industries it wants to eliminate.
The agency’s “Catalog for Guiding Industry Restructuring” draft has determined crypto mining as an industry that uses outdated production processes and equipment.
While Bitcoin and other cryptocurrencies mining were on the list released in April 2019, they were excluded from the list of November 2020.
However, two years later, the mining industry was added to the list again in May this year when the State Council announced that it would tighten regulations on cryptocurrency trading and mining, and in September, the People’s Bank of China banned trading and mining altogether.
The NDRC began publishing its list in 2005, categorizing the industries into three categories: encouraging, restricting, and eliminating types of industries that will steer the economy towards growth.
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