Cryptocurrency and China have had a rough history and over the past two years, things haven’t gone as smoothly as you’d hope. The top economic entity in the nation has pushed forward some new rules that would see government close down all cryptocurrency mining facilities across the country.
The act of crypto mining died down a few months ago, as the bear market meant it was essentially unprofitable to do so. Now, in China, crypto mining is one of the industries that has been put forward for immediate elimination, labelling crypto mining as a backward process and that they are a massive waste of resources.
Crypto Shut Down
The top economic body in China, The National Development and Reform Commission (NDRC), has revealed the proposed amendments to the country’s industrial structure, the paper contains three categories for industries that should be either restricted, eliminated or encouraged.
The government body recommended that cryptocurrency mining should be eliminated in…
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