China Puts On the War Footing Against Crypto Currency Mining

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The National Development and Reform Commission of China have just included bitcoin mining in a draft of industrial activities that should be restricted or eliminated altogether.

The survival of crypto currencies in China is increasingly threatened. And, although currencies such as bitcoin are under intense scrutiny since 2017 (when the regulators of the Asian giant banned the initial offers -IPO- and ordered the closure of their exchange platforms), now the sights are placed on the same base of this financial scheme.

Thus, the National Development and Reform Commission of China (NDRC) have just included bitcoin mining in a draft of industrial activities that should be restricted or eliminated altogether.

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This list, which has been published since 2011, includes more than 450 other activities that have no place in the communist regime, either because they represent a security threat, an environmental problem or are inefficient in the use of resources.

In addition, the document does not indicate any date or transition period to end the cryptocurrency mining within the Chinese borders. Therefore, according to the local legislation, it is understood that the measure is of immediate application, once the document passes the pertinent approvals (right now it is open to the comments of the citizens, until next May 7).

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There are many reasons why the authorities have decided to end the mining of bitcoin in those latitudes. The first one is, obviously, its enormous energy consumption, difficult to assume if this practice was extended even more by a country in full industrial and demographic growth such as China.

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The second one goes through the great underground economy that was consolidating around this practice, with not only local but also international scope.

And the third would be more political and of greater spectrum, linked to a struggle of the communist regime to manage a new digital environment – the blockchain, the technological layer underlying bitcoin, but also many other transactional processes – that is decentralized and , at first, impossible to control, manipulate or censor.

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