China’s Bitcoin Mining Ban is a Short-Term Blow, But Easily Recoverable

According to Reuters, the National Development and Reform Commission (NDRC) of China has drafted a proposal that may ban Bitcoin mining.

The NDRC is responsible for economic planning, which includes the administration of a list of industries for restriction or elimination. Consequently, details of the latest list propose the removal of cryptocurrency mining. The reasons cited include failure to obey regulations, mining is unsafe, and the environmental impact it has.

China’s Anti-Crypto Stance

In another hostile move by the Chinese authorities, the proposal to ban cryptocurrency mining will spread more fear, uncertainty, and doubt. But the Chinese government has long been cautious over cryptocurrencies for reasons we can only speculate. Back in September 2017, the Chinese authorities implemented a raft of stringent regulations that severely restricted cryptocurrency activities. This included a ban on Initial Coin Offerings and fiat to Bitcoin exchanges.

Many Chinese investors…

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2019-04-09 15:00:53

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