Chinese officials have formally proposed sweeping new rules that would end in the country, the South Morning Post on Tuesday. The proposal is part of a series of amendments to the National Development and Reform Commission’s guidance for adjusting the country’s industrial structure.
The NDRC guidance includes proposals to either encourage, restrict, or end a variety of industries in . The Post reports that crypto was among those industries targeted for elimination, a list that includes industries that are believed to be energy-wasting or environmentally unfriendly. Under rules created by the Chinese cabinet more than a decade ago:
Investment and loans in those industries are banned. During the elimination period, authorities are allowed to raise electricity prices for relevant businesses to force them to close. The manufacturing, , and use of products in the eliminated categories are also prohibited.
As the Post notes, has been the leader in the industry and is “home to some of the world’s largest farms.” In addition, the country is also home to Bitmain Technologies, a leading maker of crypto equipment and major operator.
previously threatened its crypto industry a little more than a year ago. That threat, which included a notice instructing operations to conduct an orderly exit from the industry, was never translated into official action to ban the sector. It did, however, prompt Chinese miners to explore options in other countries. Many are likely to have the same reaction to this latest threat.
Published at Tue, 09 Apr 2019 23:56:13 +0000
