Create a personalised ads profile. GUANGZHOU, China — China's Inner Mongolia region plans to ban new cryptocurrency mining projects and shut down existing activity in a bid to cut down on energy-consumption. Bitcoin mining consumes an estimated 128.84 terrawatt-hour per year of energy — more than entire countries such as Ukraine and Argentina, according to the Cambridge Bitcoin Electricity Consumption Index, a project of the University of Cambridge. These miners run purpose-built computers to solve complex mathematical puzzles that effectively allow a bitcoin transaction to happen. Sign up for free newsletters and get more CNBC delivered to your inbox. China’s Bitcoin Trading Ban is probably NOT fake news, staying with price action and getting prepared for short-term volatility is recommended. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Or at least it did, before the provincial government imposed a ban on … Although the court ruling does not affect China’s Bitcoin ban, it still gives hope to the blockchain sector. The National Development and Reform Commission (NDRC) recently announced proposals to this effect. Data is a real-time snapshot *Data is delayed at least 15 minutes. The so-called “2013 China bitcoin ban” appeared to have been lifted overnight, without much explanation. During a debate with Morgan Creek Capital’s Anthony “Pomp” Pompliano, Michael Green, a partner at investment advisory firm Logica Capital, said China’s bitcoin mining dominance should alarm Americans, Cointelegraph reports.. Now, it plans to launch its own token to encourage digitization and international use of the yuan. China’s Inner Mongolia region said last month that it plans to ban new cryptocurrency mining projects and shut down existing activity in a bid to … The legal status of bitcoin (and related crypto instruments) varies substantially from state to state and is still undefined or changing in many of them. Inner Mongolia—one of China’s five Autonomous Regions, akin to provinces—contributes about 8% of global hashrate. Chinese regulatory authorities had imposed a ban on initial coin offerings (ICO), a cryptocurrency-based fundraising process, and termed it illegal in China in September 2017. China Intensifies Crackdown On Bitcoin Mining, China's Cryptocurrencies Have Gone Underground, China To Crack Down On International Cryptocurrency Trading By Its Citizens, Which Countries Benefit From China's Crackdown On Bitcoin Mining. In January 2018, Bobby Lee, CEO and co-founder of BTCC (which closed its China operations), expressed hope that “It's only a matter of time before China lifts the crypto exchange ban.” During an interview with CNBC, Lee said the resilient nature of cryptocurrencies will enable them to spring back following more regulations. List of Partners (vendors). Select personalised content. The currency went into free fall on Friday after reports that China was about to … That ban triggered an instant 6% decline in bitcoin prices. Trouble may be brewing in China for Bitcoin’s raucous and divisive rally as the nation pushes ahead with a world-leading effort to create a digital version of its currency. China is also pushing to become more environmentally friendly. Following the ban, the Shanghai-based BTCC bitcoin exchange was forced to close its Chinese trading operations. Bitcoin’s recent surge has significantly increased unregulated trading in China. GUANGZHOU, China — China’s Inner Mongolia region plans to ban new cryptocurrency mining projects and shut down existing activity in a bid to cut down on … Not only, it halted trading of virtual currencies, but it also announced plans to shut down all Bitcoin … All Rights Reserved. The Chinese northern region of Inner Mongolia, the global crypto mining hotspot, is banning cryptocurrency mining. He received his master's degree in financial management from the Netherlands and his Bachelor of Technology degree from India. Of course, bitcoin was never banned throughout 2013-2015 in China. No Bitcoin Mining Ban in China. While the Chinese government has backed the development of bitcoin's underlying blockchain technology, it has looked to crack down on digital currencies themselves. However, despite the ICO ban and momentary decline, cryptocurrency trading continued in China, as many participants switched to foreign exchanges, like those based in Hong Kong and Japan, to deal in virtual currencies. The bitcoin ban is strictly on banks, as the central banking authority, The People’s Bank of China is owned 70% by the Chinese government. If China truly did ban Bitcoin mining once and for all, there would be a large effect on the hashrate, which would drop significantly in the short-term. Store and/or access information on a device. While China banned in 2017 ICOs and some crypto projects, the use of Bitcoin remains legal in the country Regardless, the overflow of Bitcoin in the country has been on a rise, peaking at $17.5 billion in 2020 China favors the adoption of blockchain and CBDC over Bitcoin Global Business and Financial News, Stock Quotes, and Market Data and Analysis. (See also: China To Crack Down On International Cryptocurrency Trading By Its Citizens.). Select personalised ads. It has also forbidden China-based financial institutions from any dealing and funding in cryptocurrency linked activities.