China has hinted on plans to ban cryptocurrency mining following a recommendation by a government‘s state agency.
The National Development and Reform Commission or NDRC listed crypto mining as some of the of industrial activities facing a ban saying they do not “adhere to current laws and were a drain on the environment.
In 2017, the government banned initial coin offerings and has repeatedly jeopardized local cryptocurrency exchanges in the country.
Initially, China had about 70 percent of Bitcoin mining and 90 percent of trades but have continued to shrink due to the numerous government policies.
Among the reasons by the government over such moves is wasteful energy consumption and fraud involved in the cryptocurrency trade.