Contrary to earlier reports, China will not ban Bitcoin mining. This was reported on Twitter China insider and founding partner of Primitive Crypto, Dovi Wang.
6 months ago CT was screaming abt “China banning bitcoin mining” when a fuzzy drafted “guideline” was published by China state planning dept
The official version is out: cryptocurrency mining is removed from the “eliminating category”
The message is so clear here? https://t.co/bA9To59cKJ pic.twitter.com/ynRiTdkKd7
- Dovey 以德服人 Wan? ? (@DoveyWan) November 6, 2019
Earlier this year, the South China Morning Postreported that the China National Development and Reform Commission (NDRC) has submitted a draft list of industrial activities that it intends to limit or ban. Bitcoin and cryptocurrency mining were on this list.
But now NDRC believes that Bitcoin mining is notshould be banned in China. This means that the country will not make attempts to hinder the development of the industry by limiting or overcharging electricity bills. Inter-provincial authorities will be able to develop their own rules regarding this practice, but in general this news will positively affect the development of cryptocurrencies.
At the time of writing, the market has not responded to the news, and continues to consolidate above $ 9,000. However, the popularity of the blockchain in Beijing continues to gain momentum.