China’s National Development and Reform Commission (NDRC) is considering a proposal that may ban Bitcoin mining in the country. The reasons cited include failure to obey regulations, mining is unsafe, and the environmental impact it has.
Precise plan and a date of bitcoin mining but is not remain unknown but the public has feedback on the draft up to up to May 7th. If the changes take effect, mining farms will be shut down, and the sale of cryptocurrency mining equipment will become illegal.
Cryptocurrency industry has been under heavily scrutiny from the Chinese government since 2017. Back in September 2017, the Chinese authorities implemented a raft of stringent regulations that severely restricted cryptocurrency activities. This included a ban on Initial Coin Offerings and fiat to Bitcoin exchanges. However, Chinese companies remain the largest mining equipment suppliers.