Tuesday, April 23, 2024

China plans to phase out domestic cryptocurrency mining

On Friday last week, the Chinese regulator proposed a plan to phase out the domestic cryptocurrency mining in their country. In a document that was published by the regulators, they laid out the plan to rein in the sector. In fact, cryptocurrency mining was added to the list of industries with restricted or prohibited investment. However, the number of sectors on the overall list has been reduced. In this negative list, all the industries and sectors off-limits to Chinese as well as foreign investors were detailed.

This year, regulators in China put a ban on all cryptocurrency mining and trading. The Central Bank in the country is determined to put an end to all the illegal cryptocurrency activities occurring throughout the nation. Because of this crackdown, cryptocurrency exchanges were forced to cut ties with users from China. China is also tightening its control over the public discourse. It is their way to crack down on businesses that have been “polluting” society.

The regulators also asked mobile browsers to eliminate the use of sensationalist headlines, spreading of rumors, and publishing content that is violating socialism’s core values. According to the state planner, they were halting all the “non-public” capital investment into different publishing activities, which includes news-gathering, live broadcasts, operation of news, and broadcasting and editing entities.

The National Development and Reform Commission (NDRC) added that no on-public capital can get involved in introducing news that is released by overseas summits or entities and award selection activities in public opinion and news. The list of the industries with restricted or prohibited investment in draft 2021 has been reduced to 117. There were 123 industries in 2020

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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