Chinese economic planners are devising a strategy to completely eliminate crypto mining activities in China. The move comes after months of government imposing harsh action to ban activities where the action is more focused at the company level.
The National Development and Reform Commission (NDRC) on Thursday informed that Bitcoin and crypto mining activities in the industrial sector are blacklisted due to achieve the goal of a carbon -free nation by 2060.
This is a reassessment made by NDRCIN in reviewing China’s latest industrial structure adjustment guide catalog. Other activities that are on the part of China's industrial blacklist include the manufacture of tableware made of plastic and as well as coal mining in nature reserves.
The NDRC’s action marks the complete eradication of crypto mining activities in China after months of a campaign that has caused many mining companies to relocate their businesses to other countries such as North America and Central Asia.
The agency has in fact announced action against crypto mining activities since September following the People’s Bank of China announcing crackdowns on crypto trading and financing by warning against crypto exchanges engaging in misconduct activities.
Analysts expect the next crackdown to involve the financial system.
