China’s top economic planning body has proposed new rules that would see the closure of all local cryptocurrency mining facilities if enacted – a move that would potentially end the country’s dominance in the energy-hungry, yet lucrative industry.
The NDRC did not immediately respond to a request for comment sent via a message board on its website. Industries in the eliminated category include those seen as wasting energy or polluting the environment, according to rules enacted by China’s cabinet in 2005. Investment and loans in those industries are banned. During the elimination period, authorities are allowed to raise electricity prices for relevant businesses to force them to close. The manufacturing, sale, and use of products in the eliminated categories are also prohibited.
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