China's state planning agency seeks to ban bitcoin mining

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Cryptocurrency mining added to list of industrial activities Beijing wants to phase out

Related: Bitcoin and cryptocurrencies – what digital money really means for our future

China’s state planner wants to eliminate bitcoin mining in the country, 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.

Bitcoin is the first, and the biggest, “cryptocurrency” – a decentralised tradeable digital asset. Whether it is a bad investment is the big question. Bitcoin can only be used as a medium of exchange and in practice has been far more important for the dark economy than it has for most legitimate uses. The lack of any central authority makes bitcoin remarkably resilient to censorship, corruption – or regulation. That means it has attracted a range of backers, from libertarian monetarists who enjoy the idea of a currency with no inflation and no central bank, to drug dealers who like the fact that it is hard (but not impossible) to trace a bitcoin transaction back to a physical person.

Related: Porn legislation and MEPs’ mistakes: Chips with Everything podcast

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Source: china
Link : China’s state planning agency seeks to ban bitcoin mining

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