China Officially Declared Crypto Mining "Obsolete"

News

The National Development and Reform Commission assigned the designation “obsolete” to crypto mining on Monday as an update to a 2019 document that clarified how the country will move its economy to cleaner, less resource-intensive industries.

According to business consultancy Dezan Shira & Associate, the term “obsolete” refers to technologies that will be banned from investment and should be phased out in China over time. However, the commission did not set a deadline for officially ending crypto mining in China.

It's worth noting that more bitcoins were mined in China than anywhere else in the world until last year, when government bans drove most of the crypto miners out of the country.

Image: China Banking News

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