The South China Morning Post announced that the country's economic planning organization was working to ban cryptocurrency mining companies.
China plans to ban the cryptocurrency’s extraction: the National Development and Reform Commission (NDRC) is proposing new laws that consider cryptocurrency extraction facilities a waste of resources and additional pollution.
According to an article in the South China Morning Post, these rules stem from changes to its guidelines regarding adjustments to the country's industrial structure, including categories that will be encouraged, restricted and removed.
The report states that cryptocurrency extraction has been included in the areas to be eliminated immediately, although the new list is subject to public consultation until May 7.
China is the location of most cryptocurrency mining companies in the world.
By the end of 2017, China had put a first stop to trading and to financial transactions based on cryptocurrencies by banning Initial Coin Offering (ICO).
At the time, the Chinese central bank had declared that the ICOs were "essentially a non-approved illegal open financing behaviour, suspected of illegal sale tokens, illegal securities issuance and illegal fund-raising, financial fraud, pyramid schemes, and other criminal activities".
Since then, the country has totally banned the cryptocurrency trade, forcing companies to move elsewhere.
A lot of cryptocurrencies are legitimate projects, but many have turned out to be scams, causing investors to lose millions of dollars. Many malicious groups and cyber-criminals also exploit websites posing as cryptocurrency exchanges.
This has forced regulators - and even social and search engine giants- around the world to ban cryptocurrency topics. (A shame for me..)
The Monetary Authority of Singapore (MAS), for example, has invited the public to understand the risks before investing in cryptocurrencies, announcing that it would intervene to regulate the supply or use of digital tokens if these products fell under the Securities and Future Act law.
At the same time, Japan announced that it would impose strict standards on cryptocurrency exchange exchanges seeking to register in the country.
The Australian Securities and Investments Commission (ASIC) is also vigilant against the risk of financial fraud. The ASIC has arrested several ICOs and issued guidelines on how to avoid falling into the trap of Ponzi-like crypto schemes.
South Korea has announced that it will not ban the trade of cryptocurrencies and promote transparency of transactions. This is despite initial government concerns about the risks of cryptocurrency and blockchain.
The South Korean government has since raided and arrested officials responsible for certain exchanges of cryptocurrency suspected for fraud.
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