LINE

Text:AAAPrint
ECNS Wire

China mulls eliminating cryptocurrency mining

1
2019-04-09 16:06:01Ecns.cn Editor : Mo Hong'e ECNS App Download
A Bitcoin mining machine. (File photo/China News Service)

A Bitcoin mining machine. (File photo/China News Service)

(ECNS) -- China's top economic planner plans to list cryptocurrency mining as a sector to be eliminated in its latest Catalogue for Guiding Industry Restructuring.

The National Development and Reform Commission has updated the catalogue to improve the system for managing entry into industries and accelerate restructuring of industries, such as those with excess production capacity.

The draft version, released on Monday for soliciting public opinions, said restriction will also be imposed on fields of tobacco products, villa development, golf courses and racecourse projects. 

Miners use high-powered machines to generate the massive computing power to produce cryptocurrencies. China has toughened up regulation over bitcoin and other digital cryptocurrency to rein in financial risks, with exchanges closed and trading halted.

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2019 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.