China Deepens Ban By Putting Crypto Mining On Industrial Blacklist
The leading economic planner in mainland China is doubling down on the attempts to abolish cryptocurrency mining by adding it to the country’s industrial blacklist.
This action comes from China’s National Development and Reform Commission (NDCR) and targets bitcoin and any other mined digital currency. The industrial blacklist is an advisory on which industrial activities which the government must abandon.
China intends to reach carbon neutrality by 2060. Crypto mining, more specifically bitcoin mining, is infamous for its contributions to high energy consumption. Other industries on the list include disposable plastic dinnerware manufacturers and coal mining at various locations.
This news comes after China’s central bank, the People’s Bank of China (PBOC), issued yet another ban on cryptocurrencies last month. The statement effectively banned any crypto-related business from operating in mainland China. It then added crypto mining firms to a “negative list” that banned any foreign investment into such enterprises.
All these steps combined culminate in some of the strictest moves against cryptocurrencies globally. This, despite China previously being the biggest hub of bitcoin mining in the world.
Although the NDCR wants the public’s opinions on revisions to the blacklist through mid-November, the future of crypto-related activities in China isn’t promising.
Crackdown continues and miners flee
Before adding crypto mining to the industrial blacklist, crypto-linked businesses had already faced increased scrutiny from Chinese officials. Such measures forced miners, exchanges, and related enterprises out of the country.
The leading tech company BIT recently pulled its mining subsidiary, BTC.com, from operations in China. The top Ethereum mining pool, SparkPool, also left the country amidst the crackdown. Additionally, AntPool ceased IP access to users in China just a few weeks ago.
Moreover, Chinese officials took matters into their own hands and pulled the plug on Chinese access to major crypto sites such as CoinGecko and CoinMarketCap.
These blockades against crypto in China have turned other locations into havens. Both New York and Texas reported an increase in mining firms post-Chinese crypto crackdowns. In addition, the mayor of Miami openly welcomed persecuted Chinese miners to his city.
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Posted Using LeoFinance Beta