bitcoin

China’s Reform Commission reiterate plan to outlaw Crypto Mining Industry

The National Development and Reform Commission (NDRC) has included crypto mining in the list of industries it will blacklist. 

The NDRC is China’s macroeconomic management agency that operates directly under the State Council with significant economic, administrative and planning jurisdiction over the Mainland area.

Nearly two years ago, the organization yanked off crypto mining from the list of entities that were to be abolished but it has decided to reinstate it in line with the State Council’s determination to crack down on all crypto-related activities within the country.

Crypto mining

The commission claimed in its ‘’Catalog for Guiding Industry Restructuring’’ write up that members of the industry use obsolete gadgets and production techniques to mint digital currencies,

This announcement by the NDRC is of many assaults launched by different regulatory outfits on crypto trading and mining in China. 

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Photo Credit: Reuters and Popular mechanics.

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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