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China officially labels crypto mining as ‘obsolete’

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China officially labels crypto mining as ‘obsolete’

China’s top economic planning body has officially designated crypto mining as “obsolete,” reinforcing government efforts to stamp out the industry entirely. 

Fast facts

  • The National Development and Reform Commission made the designation on Monday as an update to a 2019 policy document that spelled out how the country would shift its economy to a model that favored cleaner, less resource-intensive industries. 
  • According to business consultancy Dezan Shira & Associate, the obsolete label refers to technologies that would be banned from seeking investment and would need to be phased out in China within a certain time period.
  • However, the commission did not provide a deadline for crypto mining to be officially eliminated in China.
  • China was home to more Bitcoin mining than anywhere else in the world until last year, when goverment clampdowns drove the majority of crypto miners out of the country.

China officially labels crypto mining as ‘obsolete’

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