China’s state planner wants to eliminate Bitcoin mining, according to a draft list of activities the agency is seeking to stop in a sign of growing government pressure on the cryptocurrency sector, said Reuters.
China is the world’s largest market for computer hardware designed to mine Bitcoin and other cryptocurrencies, even though such activities fall under a regulatory grey area.
The National Development and Reform Commission (NDRC) said it is seeking public opinions on a revised list of industries it wants to encourage, restrict or eliminate. The list was first published in 2011.
The draft for a revised list added cryptocurrency 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.
In a more recent move, China has moved to also ban automated bitcoin trading software. Concerns over whether the bitcoin trader is safe has led Beijing to crackdown on the advertising of such products, with most ISPs now blocking access.