China’s top economic planning body has declared crypto mining “obsolete,” reiterating the government’s attempts to completely eliminate the industry.
The designation was announced by the National Development and Reform Commission on Monday. That’s, as part of an update to a 2019 policy document that outlined how the country will transition its economy to one that prioritized cleaner. Which is less resource-intensive industries.
The outmoded label, according to business consultancy Dezan Shira & Associate, refers to technologies that are prohibited from seeking investment and must be phased out in China within a particular time frame.
The commission, however, did not set a timeline for crypto mining to be officially phased out in China.
Until last year, China had more Bitcoin miners than any other country in the world. That’s, when government crackdowns pushed the majority of crypto miners out.
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