China Is Planning To Ban Cryptocurrency Mining

China is also known as the biggest cryptocurrency center in the world where several crypto mining farms set their businesses in. But it’s unlikely the business will go smoothly there anymore because the country is planning to ban cryptocurrency mining. China’s authorities recently has proposed a new law that considers cryptocurrency mining actions are wasting resources and causing pollution problems. It has since banned cryptocurrency trading altogether, forcing companies to take their operations elsewhere.

There're thousands of crypto factories in China

In 2017, China had taken strong action to stop cryptocurrency-related transactions. It said that ICO actually was not a legal open financing behavior and not approved in the country. It's also accused to be illegal securities issuance, illegal sales, and other criminal activities.

On the other sides, a number of countries have released cautions and restrictions on cryptocurrency activities. For example, with the number of crypto investors and companies is rising rapidly, the Singapore officials alerted people to notify the risks before taking any deal in cryptocurrencies. Meanwhile, the Australian Securities and Investments Commission (ASIC) has declined any ICO proposal and issued guidance on how to avoid falling into the trap of crypto schemes. Japan was said to impose such strict standards in this country.

An employee inspects machines for the production of crypto-coin.

The only country that seems to get along with crypto activities in South Korea. It claimed to not ban any trading related to cryptocurrency. In the meantime, China was once home to about 70 percent of Bitcoin mining and 90 percent of trades.