Does China mining actually enforce prohibitions?

While these days in South Korea are finally provoking criticism and legal and opposition opposition to the government’s hardline course, which could lead to a less rigid regulation in the currency of Bitcoin over Ethereum to Ripple , the Chinese government is proposing in Beijing to implement the Current plans take exactly the opposite direction. For example, the government or the currently very active National Development and Reform Commission wants to finally ensure that China can no longer be the starting point of crypto mining.

A new bill, which will allow citizens in the country to react for around four weeks, would mean the end of Bitcoin trenching in China , in case . The explanation that mining simply consumes too much energy seems, according to many observers, to be more advanced. After all, the People’s Republic presents itself, cautiously, not necessarily as a major environmentalist. But it is precisely this consumption of resources that the committee cites as an important element against the approval of crypto-mining. At the beginning there should be a ban on mining new Bitcoin units. This issue now ended up on a list with around a four-digit number of other activities that could ban the country from its citizens in the future.

However, industry analysts are more likely to see the issues surrounding the control of crypto-transactions due to anonymity than currencies such as Monero even more effective than Bitcoin. Interestingly, the government in Beijing could ditch the water of a domestic production. Because there are some of the largest computer systems manufacturers in the country that are used for mining worldwide. In general, however, such political announcement are hardly surprising, because China has been very restrictive for some time when it comes to digital currencies and the blockchain. For example, a number of platforms and stock exchanges were gradually banned from trading. Not everyone can imagine executing such a ban. However, analysts do not expect too far-reaching criticism.

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Categories: Crypto Currency

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