China’s proposed cryptocurrency mining ban is unrealistic and reaction overblown
On Monday, China’s state planning body, the National Development and Reform Commission (NDRC), said it was seeking public opinion on a revised list of activities that it wants to restrict or phase out, including crypto mining. The ban would also include bitcoin.
The proposed move triggered dramatic headlines across the world, in part because a large percentage of the world’s cryptocurrency mining activities take place in China. This means that, if executed, the ban would have a significant impact on cryptocurrencies such as Bitcoin.
Yet the announcement hardly came as a shock to industry participants and watchers as it wasn’t the first time Chinese authorities attempted to banish cryptocurrency and mining activities.
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