China, home to the world’s biggest cryptocurrency mining farms, now wants to ban them completely

SCMP

  • Bitcoin, the world’s most traded cryptocurrency, is now at around US$5,200, its highest level in four months

Zheping Huang

An employee inspects machines for the production of bitcoin and lightcoins. Photo: AFP

An employee inspects machines for the production of bitcoin and lightcoins. Photo: AFP

China’s top economic planning body has proposed new rules that would see the closure of all local cryptocurrency mining facilities if enacted – a move that would potentially end the country’s dominance in the energy-hungry, yet lucrative industry.

The National Development and Reform Commission (NDRC) on Monday unveiled amendments to its guidance for adjustments to the nation’s industrial structure, including categories that are encouraged, restricted and eliminated. Cryptocurrency mining was included among sectors to be eliminated immediately. The new list is under public consultation until May 7.

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