- Bitcoin listed among 450 items that NDRC believes should be banned.
- The agency is calling for the ban of the industry areas that fail to comply with China laws.
According to a report published by Reuters yesterday said that the National Development and Reform Commission (NDRC) in China has come up with a draft of certain industries that need to be revised. The agency feels like the industries in question need tightened control while some of them should be banned.
The crypto industry has found a spot on the list that was initially created in 2011. The NDRC believes that Bitcoin mining belongs to the list that currently contains 450 items. The agency is calling for the ban of the industry areas that fail to comply with China laws for reasons such as lack of regulations, those deemed unsafe or harmful to the environment.
China has since 2017 been tramping down on crypto related business. The government started by banning Initial Coin Offerings (ICOs) and then moved on to cryptocurrency exchanges. Moreover, there has been a war against mining firms in China. The nation happens to be leading in cryptocurrency mining.
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