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China Plans to Ban Cryptocurrency Mining in Renewed Clampdown

  • Powerful state planner says it wants to abolish the industry
  • China is home to some of the world’s biggest crypto miners
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China Plans to Ban Cryptocurrency Mining

China signaled its intent to ban cryptocurrency mining, dealing a fresh blow to an industry buffeted by tumbling virtual currency prices, stiff competition and waning investor interest.

The National Development Reform Commission, the country’s powerful economic planner, this week listed crypto-mining among a plethora of industries it intends to eliminate because they “seriously wasted resources” or polluted the environment. The agency is seeking public feedback on the guidelines and indicated that the crypto-mining ban could take effect as soon as they’re formally issued. The consultation period ends on May 7.