Reuters: Bitcoin/crypto mining to become illegal in China

Discussion in 'Digital Currencies' started by Roswell Crash Survivor, Apr 9, 2019.

  1. Roswell Crash Survivor

    Roswell Crash Survivor Well-Known Member Silver Stacker

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    https://www.reuters.com/article/us-...nts-to-eliminate-bitcoin-mining-idUSKCN1RL0C4

    SHANGHAI (Reuters) - China’s state planner wants to ban bitcoin mining, according to a draft list of industrial activities the agency is seeking to stop in a sign of growing government pressure on the cryptocurrency sector.

    The National Development and Reform Commission (NDRC) said on Monday it was seeking public opinions on a revised list of industries it wants to encourage, restrict or eliminate. The list was first published in 2011.

    The draft for a revised list added cryptocurrency mining, including that of bitcoin, to over 450 activities the NDRC said should be phased out as they did not adhere to relevant laws and regulations, were unsafe, wasted resources or polluted the environment.

    It did not stipulate a target date or plan for how to eliminate bitcoin mining, meaning that such activities should be phased out immediately, the document said. The public has have until May 7 to comment on the draft.

    State-owned newspaper Securities Times said on Tuesday that the draft list “distinctly reflects the attitude of the country’s industrial policy” toward the cryptocurrency industry.

    The cryptocurrency sector has been under heavy scrutiny in China since 2017, when regulators started to ban initial coin offerings and shut local cryptocurrency trading exchanges.

    China also began to limit cryptocurrency mining, forcing many firms - among them some of the world’s largest - to find bases elsewhere.

    Chinese companies are also among the biggest manufacturers of bitcoin mining gear. Reuters reported last year that at least three were looking to raise billions of dollars with initial public offerings in Hong Kong. But at least one, Canaan Inc, let its application lapse.

    Reporting by Brenda Goh; Editing by Richard Borsuk
     
  2. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Reuter’s forgot to add... 450 other high energy use activities and industries the NDRC said should be phased out as they did not adhere to relevant laws and regulations, were unsafe, wasted resources or polluted the environment.
     
  3. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Gold and silver mining are also pollutive to the environment. I think that the impact of China's drive to fix the environment is being greatly underestimated. China no longer accepts "recycleable" junk that don't meet high purity standard so all these plastics and paper that we throw into recycling bins have got no where to go but the incinerator and landfills. Once there's no money to be made selling these, companies will even stop collecting them from recycling bins as it will cost money to dispose them.
     
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  4. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    China is entering social tipping point, where pollution isn’t acceptable but many other dirt poor third world countries will welcome Australian rubbish in the near future. It just take time for new markets to open and build port facilities to accept rubbish (recyclables)

    Two key cultural norms for developed countries world over....
    Not in my back yard.
    Out of sight out of mind.
     
  5. Tokyo

    Tokyo Member

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    Nothing unusual about them forcing to hold yuan . Still ton of restrictions to get small money out of country
     
  6. dozerz

    dozerz Well-Known Member Silver Stacker

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    its the annual "china bans bitcoin" headline, cant wait for this time again next year.
     
  7. BrianCasey

    BrianCasey New Member

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    I hope, no. Because the forecast is not too good. But after I started to work with the assistants of such type, I found out a lot of advantages to follow. And it is quite good.
     
  8. RBrowny

    RBrowny New Member

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    I have read this crypto news already. I believe that after looking at it, they know that bitcoin just isn't a store of value that is secure against other state actors, brings no wealth to China (quite the opposite) and would undermine their own economy and domestic power should it ever catch on.
     
  9. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Yes, unlike gold which can't be hidden, bitcoin can't be confiscated easily.

    https://www.silverstackers.com/forums/index.php?posts/1104480/

    [​IMG]
     
  10. Jack2233

    Jack2233 New Member

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    Frankly speaking, I don't think that this is a true piece of news. At least, I can't believe that China will ban Bitcoin that brings so much money. In general, this is an interesting topic to discuss. I'm going to check other crypto users' thoughts. Usually I use a Revain platform https://revain.org/projects/bitcoin for this purpose as this is a source where the independent crypto community shares the experience and opinions. Maybe someone will also find it useful.
     

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