On October 21, the National Development and Reform Commission of China issued a notice on the revision of the "Industrial Structure Adjustment Guidance Catalog (2019)" for public comments. The notice stated that in accordance with the relevant work arrangements for the rectification of cryptocurrency mining activities, revise the guidelines for industrial structure adjustment, and openly solicit opinions from the public.
China Say No to CryptoCurrency Mining
The draft for comments requires that the 7th item is added to the "I. Outdated Production Technology and Equipment" and "(18) Others" in the "Industrial Structure Adjustment Guidance Catalogue (2019 Edition)", which reads "Cryptocurrency Mining Activities".
This is the only adjustment item in the draft document provided by the NDRC. This means that virtual currency "mining" activities have become the only industry that has been eliminated by administration since 2019.
NDRC Notice on CryptoCurrency Mining
In recent years, the cryptocurrency mining industry has been growing rampantly, some disguised as cloud computing, data center, etc. to evade supervision. Since the beginning of this year, governments in various regions including Beijing, Inner Mongolia, Qinghai, and Sichuan have also investigated and shut down illegal virtual currency mining facilities.
On September 24, 11 departments including the NDRC, the Publicity Department of the Chinese Communist Party, and the Central Cyberspace Administration of China issued the "Notice on Regulating CryptoCurrency Mining Activities" (hereinafter referred to as the "Notice"), demanding the strengthening of virtual currency mining and clearly distinguish the boundaries between "mining" and blockchain, big data, cloud computing and other industries. It also expressly prohibits the use of data centers to carry out cryptocurrency mining activities, and prohibits the promotion and expansion of virtual currency mining projects in the name of the development of digital economy and strategic emerging industries.
The notice requires that virtual currency mining activities be classified as an obsolete industry. The "virtual currency mining activity" was added to the "elimination category" of the "Industrial Structure Adjustment Guidance Catalogue (2019 Edition)". Before the additional listing, the cryptocurrency "mining" project is treated as an outdated industry, and investment is prohibited in accordance with the "Decision of the State Council on Issuance and Implementation" (Guo Fa (2005) No. 40).
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