April 1, 2023

China no longer considers mining an inefficient industry

China no longer considers mining an inefficient industry

The State Committee for Development and Reform of China changed its mind about making mining on the list of “undesirable” sectors of the economy that should be eliminated due to their inefficiency.

In April, the national agency introducedThe draft Catalog of Industrial Restructuring, in which the extraction of cryptocurrencies, was ranked among the industries that should be eliminated. However, in the final edition, which will enter into force in 2020, items related to mining of virtual currencies were excluded.

The current catalog was compiled in 2011 and served as the basis for developing strategieseconomic development and reforms to be implemented locally. Depending on their belonging to one of the three groups, industries supported, limited or tried to eliminate.

The draft document was revised after manymonths of public consultation. According to representatives of the State Committee for Development and Reforms, they received more than 2.5 thousand proposals on this issue and took into account most of them.

Since almost 10 years have passed since the last update, then, most likely, in the near future, China does not plan to oppress mining.