Left Menu
Development News Edition

China leaves bitcoin mining out of list of restricted activities

Reuters | Beijing | Updated: 07-11-2019 16:45 IST | Created: 07-11-2019 16:31 IST
China leaves bitcoin mining out of list of restricted activities
Image Credit: Pixabay

China, which is among the biggest manufacturers of bitcoin mining gear, has decided against eliminating the mining of the cryptocurrency, the state planner has indicated. The National Development and Reform Commission (NDRC) in April sought public opinion on a revised list of industries it wanted to encourage, restrict or eliminate. Bitcoin mining was among the activities on the list at the time.

However, the final list published by the state planner on Wednesday did not mention bitcoin mining. Its exclusion was reported by the industry website CoinDesk. It was not clear what the NDRC's reasons were. The NDRC did not immediately respond to a faxed request for comment.

China is the world's largest market for computer hardware designed to mine bitcoin and other cryptocurrencies, but such activities have fallen in a regulatory grey area. While China has been developing its own digital currency, it has in recent years moved to tightly regulate the wider sector.

In 2017, it started to ban initial coin offerings and shut cryptocurrency trading exchanges and it also began to limit cryptocurrency mining, forcing many firms - among them some of the world's largest - to find bases elsewhere. Nearly half of bitcoin mining pools – groups of miners who team up for economies of scale - are in the Asia-Pacific, a Cambridge University study said last year.

Chinese companies are also among the biggest manufacturers of bitcoin mining gear. Last month, Canaan Creative, one of China's biggest bitcoin mining hardware makers, filed to publicly list on the Nasdaq to raise $400 million, its third attempt to do so after previous failed tries in mainland China and Hong Kong.

Also Read: Afghan rivals to meet in China after U.S. talks stall


TRENDING

OPINION / BLOG / INTERVIEW

Turbulence surrounding tobacco control in Ghana

... ...

Smart healthcare: IoT redefining the way healthcare is delivered

As the world is embracing the new wave of digitalization triggered by the pandemic and the arrival of 5G, the adoption of IoT devices will further boom. With adoption set to soar, IoT security issues and other challenges cant be ignored any...

Refugee compassion and response: Ideas to mitigate disasters now and in their future

Their homeland becomes a forbidden territory for them and more likely than not, their journey to foreign soil is no less traumatizing, not to say deadly. It is crucial to help refugees live a life of dignity and purpose....

Inadequate water infrastructure causes a tidal wave of coronavirus in rural Alaska

... ...

Videos

Latest News

ANALYSIS-Biden's pick for U.N. envoy will find waning American influence

President-elect Joe Bidens pick to be his ambassador to the United Nations in New York will have to tackle Washingtons waning leadership at the world body in the face of a more assertive China, diplomats and analysts said on Monday. Biden n...

Many Americans defying COVID-19 travel warnings ahead of Thanksgiving holiday

Millions of Americans appeared to be shrugging off public health warnings and traveling ahead of this weeks Thanksgiving holiday, likely fueling an alarming surge in coronavirus infections before a series of promising new vaccines become wi...

Biden to choose ex-Fed chair Yellen as first woman Treasury secretary, allies say

U.S. President-elect Joe Biden is expected to tap former Federal Reserve Chair Janet Yellen as U.S. Treasury Secretary, putting a woman in the job for the first time, according to two Democratic allies. With Yellen, 74, Biden has chosen an ...

Trump campaign asks appeals court to halt Biden from being declared Pennsylvania winner

President Donald Trumps campaign on Monday asked a federal appeals court to revive a long-shot challenge to Pennsylvanias election results, saying officials should be halted from declaring President-elect Joe Biden as the states winner. The...

Give Feedback