China looking to ban bitcoin mining in latest draft by state planner

09 Apr, 2019
News
China looking to ban bitcoin mining in latest draft by state planner

China is apparently considering banning bitcoin mining in China following a report by China's state planner. 

According to Reuters, reports coming from China indicate that the National Development and Reform Commission (NDRC) was looking into restricting bitcoin mining.

The report states that cryptocurrency mining including bitcoin, did not adhere to relevant laws and regulations and were unsafe. Other reasons included being wasteful of resources and polluting the environment.

Read more: Even more Chinese crypto regulations on the way?

The draft currently gives the public until May 7 to comment on the draft, which expects such activities to be phased out immediately. The latest news coming out of China is not uncommon, as China have been heavily linked to banning and prohibiting cryptocurrency activities in the past. The latest news could be taken with a grain of salt as potential FUD (fear, uncertainty and doubt) as seen before in 2018 when China was expected to ban ICOs and all cryptocurrency exchanges.

Read more: Crypto influencer Michael Gu: 'China Bitcoin ban is shallow and overhyped'

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