The draft did not stipul­ate a target date or plan for how to elimin­ate bitcoi­n mining­SHANGHAI: China’s state planner wants to ban bitcoin mining, according to a draft list of industrial activities the agency is seeking to stop in a sign of growing government pressure on the cryptocurrency sector. China is the world’s largest market for computer hardware designed to mine bitcoin and other cryptocurrencies, even though such activities previously fell under a regulatory grey area. It did not stipulate a target date or plan for how to eliminate bitcoin mining, meaning that such activities should be phased out immediately, the document said. China also began to limit cryptocurrency mining, forcing many firms – among them some of the world’s largest – to find bases elsewhere. Cryptocurrency ransom demanded for missing wife of Norwegian businessmanHowever, the two largest, Bitmain Technologies, the world’s largest manufacturer of bitcoin mining gear, and Canaan have since let their applications lapse.

Source: The Express Tribune April 09, 2019 06:56 UTC