China’s top economic planner, the National Development Reform Commission, has also been involved in crypto-money mining. The reason for the elimination of the sectors in the list which are published this week is a significant waste of resources or environmental pollution.
The commission that is awaiting feedback on the principles in question states that the crypto mining ban may begin as soon as it is published. The consultation process will end on May of 7th.
In China, which has about 70 percent of Bitcoin mining and 90 percent of transactions for a period, the authorities campaigned for nearly two years to narrow the crypto sector with concerns about the speculative bubble, fraud, and wasteful energy consumption.
In 2017, Chinese authorities prepared proposals to break demand for crypto mining in 2018, following the ban on public offering of cryptocurrencies and calling on local platforms to end operations.