National Development and Reform Commission: Plans to include "virtual currency 'mining' activities" in the eliminated industries

The National Development and Reform Commission publicly solicited opinions on the revision of the "Guidelines for Industrial Structure Adjustment (2019 Edition)".

In order to promote the implementation of the work arrangements for the rectification of virtual currency "mining" activities as soon as possible, it is recommended to include the "virtual currency 'mining' activities" item in the current "Catalog (2019 Edition)" in the form of a supplement and publish it in the form of "Decision of the National Development and Reform Commission on Amendments". After soliciting the opinions of the Operation Bureau of the Development and Reform Commission, in accordance with the requirements of Document No. 1283 of Development and Reform Operation [2021], the name of the item is "virtual currency 'mining' activities", which is included in the elimination category of the "Catalog" and will be eliminated immediately from the date of implementation of the document.

On September 3, with the approval of the State Council, the National Development and Reform Commission, together with 11 other departments including the Central Propaganda Department, jointly issued the "Notice on Regulating Virtual Currency "Mining" Activities" (No. 1283 of the Development and Reform Operation [2021]). The relevant documents all proposed to add "virtual currency "mining" activities" to the "elimination category" of the "Guidelines for Industrial Structure Adjustment (2019 Edition)", providing a policy basis for the addition of the "Catalog".

The main consideration for the addition to the "Catalog" is that virtual currency "mining" activities refer to the process of calculating and producing virtual currency through special "mining machines", which consumes large amounts of energy and emits large amounts of carbon, has a low contribution to the national economy, and has limited driving effects on industrial development, scientific and technological progress, etc. In addition, the risks derived from the production and trading of virtual currencies are becoming increasingly prominent, and their blind and disorderly development has an adverse impact on promoting high-quality economic and social development and energy conservation and emission reduction.

Rectifying virtual currency "mining" activities is of great significance to promoting the optimization of my country's industrial structure, promoting energy conservation and emission reduction, and achieving carbon peak and carbon neutrality goals as scheduled. (Beijing Youth Daily)