Chinese Government Proposes New Legislation Banning Bitcoin Mining Inside Countries Borders

While the country has historically grappled with the “legality” of owning of possessing, new measures being put forth by the Chinese Government would ban the mining of Bitcoin entirely within their borders. It is a generally known fact that China is considered the Bitcoin mining capital of the world at the present moment in time and as a previous article of mine has once explained, the longer Bitcoin as a currency exists, the more expensive it becomes. Likely, this very fact is the same reason why China’s legislature has come to this conclusion – to save wealth and to save on future power consumption, whilst also cracking down on corruption, money laundering and hack all at the same time. A win, win, win for China’s Government – so to speak.

Learn More – Market Analysis: Is It Worth Investing In Bitcoin In 2019 & Beyond:

According to a press release from China’s Economic Planning Agencyvirtual currency mining activities [including] the production process of Bitcoin” to a list of industries that could be shut down.” Their rational centers around (1) the power consumption consumed by Bitcoin farms and (2), an increased level awareness surrounding the rise of C02 pollution caused by Bitcoin farms. For the time being, the  National Development and Reform Commission has yet to announce a final date when the ban may come into effect, and has given the general public until May 7th to express their comments/concerns over this matter.

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