China’s top economic planning body has proposed new rules that would see the closure of all local cryptocurrency mining facilities if enacted – a move that would necessitate a massive reshuffle of the global industry and end China’s dominance of the sector.
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China, home to the world’s biggest cryptocurrency mining farms, now wants to ban them completely
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The National Development and Reform Commission (NDRC) on Monday unveiled amendments to its guidance for adjustments to the nation’s industrial structure, including categories that are encouraged, restricted and eliminated. Cryptocurrency mining was included among sectors to be eliminated immediately. The new list is under public consultation until May 7.
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