October 20, 2020

China will not ban mining of bitcoin in the country

China will not ban mining of bitcoin in the country

Another good news for the cryptocurrency industry comes from China. China is still occupies a leading position in terms of bitcoin mining, but recently received information that the country's authorities want to ban this type of activity.

But this week it became known thatThe National Development and Reform Commission (NDRC), 6 months after the decision to classify mining as an industry that should leave China, radically changed its mind.

The ban on mining in China is canceled!

Started more than two weeks agoThe accelerated development of industries that use blockchain ultimately affected the digital miners industry in China. Xi Jinping's keynote speech changed NDRC's plans.

Today, the Commission resolving issuesChina's strategic planning, published the final version of the new directory for industrial restructuring management, which will enter into force on January 1, 2020.

Earlier in the catalog project that wasdistributed in April 2019, mining was classified as an industry undesirable for the country's industry. In the final version, finalized after public discussion, presented on November 6, 2019, the agency excluded bitcoin mining or other operations to develop a virtual currency from the originally proposed category of industries that should be withdrawn from China.

China will not ban mining of bitcoin in the country

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Formed in 1998, the NDRC first published its catalog for industry reforms in 2005, grouping industrial sectors into three types:

  • recommended for the development of the sector,
  • industries to be limited
  • industries that should not exist in the country.

It was in the third category that mining fell in the April version of the catalog provided by NDRC.

Thus, we have another strong bullish signal for the cryptocurrency industry, and again it came from China.

The submitted document also states that the Chinese regional authorities will be able at their level to take measures to regulate the mining industry.

Recall that the European Central Bank is preparing a resolution proposing to consider the issue of issuing digital European currency.

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