**China's Crackdown on Cryptocurrencies: A Shift in Economic Policy** In a recent move, China's National Development and Reform Commission (NDRC) has announced a comprehensive ban on cryptocurrency mining, investment, and new companies entering the industry. This ban is part of a broader shift in Chinese economic policy towards greater state intervention, exemplified by the "common prosperity" campaign. Previously, China was a major hub for cryptocurrency mining, accounting for over 60% of the global hashrate. However, the government has become increasingly concerned about the environmental impact of mining, as well as its potential to destabilize the financial system. The ban has led to a sharp decline in cryptocurrency mining in China, with many miners moving their operations to other countries. The ban has also had a significant impact on the global cryptocurrency market, with prices falling sharply in response to the news. The crackdown on cryptocurrencies is part of a larger trend of Chinese government efforts to strengthen its control over the economy and society. As China continues to transition to a more market-oriented economy, it is clear that the government is prioritizing stability and control over innovation and disruption.
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