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China proposed to ban the mining of cryptocurrency

Authorities in the Inner Mongolia region have proposed a complete ban on mining in order to meet energy conservation targets in line with China’s five-year economic plan.

The regional administration is collecting public comments. 

The Inner Mongolia Development and Reform Commission last week presented a proposal for legislative changes to help the region meet the five-year plan.

Among other things, the document prohibits the construction of new farms for the production of cryptocurrency.

The public consultation period will last until March 3.

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The State Committee for Development and Reforms of the PRC, which includes the agency that proposed the initiative, had previously advocated a ban on mining in the country.

In 2019, he added mining to over 450 unwanted activities that violate applicable laws, are unsafe, waste resources and pollute the environment.

However, then the mining of cryptocurrency was excluded from the list.

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