The great China crypto crackdown continues and this time the mining sector is in trouble. The Chinese government has been overtly scrutinizing the crypto-verse. An array of platforms have been forced to move out of the country. While several have been speculating that this was the demise of the crypto scene in China, the government of the region went on to provide assurance for the same.
China’s National Development and Reform Commission in its latest list of eliminated industries went on to add Bitcoin mining. Ever since the country started out this crackdown, it was seen targeting one aspect at a time. From mining firms to exchanges, the government left no leaf unturned. A few weeks ago, an array of mining platforms were seen exiting the Chinese market. This not only disrupted their workflow but also caused major losses to several mining platforms.
The National Development and Reform Commission [NDRC] of the country revealed that crypto mining fell under the category of eliminated industries following a public consultation.
China’s latest move against crypto
The NDRC oversees the economic development of the country and 8BTCnews noted that this was an official ban on all crypto mining activities in the region.
The news portal tweeted,
“Breaking! China’s Development and Reform Commission publicly solicited opinions on the “Negative List of Market Access (2021 Edition)”, and included virtual currency “mining” activities in the elimination category as “Outdated production technology and equipment”.”
China was previously home to one of the biggest crypto mining firms in the world. This was soon changed as several well-established firms were asked to shut shop and exit the country. The country’s take on crypto had the entire world stunned. While some suggested that the country couldn’t deal with the level of “decentralization” the crypto industry provides, a few others noted that the government was making room for its central bank digital currency [CBDC], the digital yuan.
Back in June, about 26 mining firms in Sichuan were asked to stop rendering services due to an investigation. Many mining firms were seen relocating to various parts of the world, however, a majority of them were migrating to Kazakhstan.