Will bitcoin mining be banned in China?

The National Congress' senatorial chamber introduced a proposal on April 3rd, which seeks to impose a temporary ban on Bitcoin mining activities within the country's borders.

The proposed legislation also targets the prohibition of cryptocurrency storage and trading, aiming to curb the proliferation of digital assets within the nation's financial system.

The primary rationale behind the proposal's introduction revolves around the prevalence of illegal Bitcoin mining operations within the country.

These illicit activities have been deemed detrimental to the nation's economic stability and security, prompting the government to take decisive action.

The proposed ban on Bitcoin mining aims to eliminate the negative consequences associated with these illegal operations, such as environmental degradation and energy waste.