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China wants to ban Bitcoin for wasting resources

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Bitcoin, the digital currency may be considered as revolutionary for the economies but thinks otherwise. The country is proposing to ban the practice of the cryptocurrency for wasting resources.

The (NDRC), the country's planning regulator, is proposing to ban mining, which it says has seriously wasted resources, Engadget reports.

The process of is indeed a complex and resource hungry procedure. Typically, it requires powerful banks of computers dedicated to crunching out blockchain numbers. Nearly three-quarters of these are mined in China, generating anywhere up to 10 million tons of carbon dioxide.

is not only concerned about the pollution but also the potential chaos among investors owing to the dynamic valuation of the cryptocurrency. If the new rules come into force, the miners in may be forced to leave their operations and move to foreign bases.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 10 2019. 23:49 IST