China Intends to Ban Bitcoin Mining in the Near Future

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China Intends to Ban Bitcoin Mining Within the Near Future

China Intends to Ban Bitcoin Mining Within the Near Future

As regulators across the globe are attempting to find either domestic or international means to bring an end to the online cryptocurrency badlands ranging from Bitcoin to the many hundreds of other altcoins, China has made it clear that very soon measures could be taken to eliminate the mining of Bitcoin specifically in order to cut off the lifeblood of the crypto that started all others.

According to a recent piece from Reuters:

“China is the world’s largest market for computer hardware designed to mine
bitcoin and other cryptocurrencies, even though such activities previously fell
under a regulatory grey area. 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 more than 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.”

This comes at a time when regulators are attempting to decide whether to regulate and have a stronger involvement in the crypto community or follow the example of China’s war on Bitcoin and attempt to snuff it out entirely. The larger consensus is that with this genie out of the bottle, so to speak, the time to attempt to eliminate it entirely might be gone since the internet refuses to let anything of any form die absolutely. In North America and Europe, regulators are beginning to drop the hammer on crypto investors and firms. In the United Kingdom, lawmakers and many of the top crypto investment firms have agreed that in order for the future of crypto to remain a possibility, strong regulation must be enacted for the financial safety of consumers.

Across the pond in the United States, the SEC made history by sending a “No Action” letter to a blockchain based jet company after rumors of a blockchain backed token for consumers as discussed without referencing any official ICO whitepaper or plan. With China outright going after the mining of Bitcoin, this could send shockwaves over the rest of the world’s governments who might become less patient towards this new monetary sector.

The Reuters piece continues, commenting on the continued strength of Bitcoin stating that last week alone, the price of Bitcoin soared nearly 20 percent in its best day since the height of the 2017 bubble, and breaking $5,000 for the first time since mid-November, though analysts and traders admitted they were puzzled by the surge.

Sources: Reuters, TopNewsGazette.com

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