Chinese Agency Reinstates Goal to Phase Out Crypto Mining Industry

Posted on by American Coins & Gold

Chinese Agency Reinstates Goal to Phase Out Crypto Mining Industry
The highest economic planning agency under the State Council of China has added crypto mining back to the list of industries it aims to eliminate.The National Development and Reform Commission (NDRC) said crypto mining is an industry that uses outdated production processes and equipment, according to the latest draft of the “Catalog for Guiding Industry Restructuring.”The move comes almost two years after the agency quietly scrapped a plan to get rid of mining. Bitcoin and other virtual currency mining were included in an April 2019 draft list of industries to be phased out but they weren’t present in the final…