China says which wants to eliminate bitcoin mining

A bitcoin mine near Kongyuxiang, Sichuan, China on August 12, 2016.

Paul Ratje | The Washington Post | Getty Images

A bitcoin mine near Kongyuxiang, Sichuan, China on August 12, 2016.

China’s state planner wants to ban bitcoin mining, according to a draft list of industrial activities the agency will be seeking to stop in a sign of growing government pressure on the cryptocurrency sector.

China will be the entire world’s largest market for computer hardware designed to mine bitcoin along with various other cryptocurrencies, even though such activities previously fell under a regulatory grey area.

The National Development along with Reform Commission (NDRC) said on Monday which was seeking public opinions on a revised list of industries which wants to encourage, restrict or eliminate. The list was first published in 2011.

The draft for a revised list added cryptocurrency mining, including which of bitcoin, to over 450 activities the NDRC said should be phased out as they did not adhere to relevant laws along with regulations, were unsafe, wasted resources or polluted the environment.

which did not stipulate a target date or plan for how to eliminate bitcoin mining, meaning which such activities should be phased out immediately, the document said. The public has until May 7 to comment on the draft.

State-owned newspaper Securities Times said on Tuesday which the draft list “distinctly reflects the attitude of the country’s industrial policy” towards the cryptocurrency industry.