China is now in the plan to eliminate the mining of the Bitcoin completely. This is done with the sole intention to lessen the pressure on the government regarding the cryptocurrency.
China is one of the largest producers of the hardware used in the computer for the mining of the bitcoin. They are other kinds of cryptocurrencies even though, those activities were all under the grey area that was regulatory.
The Draft by NDRC:
On Monday, The National Development and Reform Commission (NDRC) stated that they surveyed asking people about the industries whose growth is quite a requirement for the people.
The list happened to be published for the very first time in the year 2011. In the revised list of the draft, the cryptocurrency mining was also added. Including the Bitcoin ones as well due to the relevant laws and regulations and also threat to safety, water resources and environment.
Public’s reaction:
This is not scheduled in some target date or plan for the elimination of the Bitcoin mining. This means that the activities have to be phased out on an immediate basis as per the document. Until the 7th of May, the public has to mandatorily comment on the draft.
China is discussing a blanket ban on bitcoin mining, Credits: Shutterstock
The State-owned newspaper named the Securities Times said on a Tuesday that
the draft is something that is quite distinctive and vocal about the attitude of the whole nation about the policies how far the industries is concerned.
This is not just the opinion of the lawmaking body. Rather this is the opinion of all the people of the nation that the mining of the cryptocurrency is not to be encouraged in the nation.
Focusing on many things, the cryptocurrency mining is quite on the limit in China. But China is the biggest manufacturers of Bitcoin in the whole world.
