The Chinese province of Sichuan will take measures to remain attractive to miners.Now more than half of Bitcoin's global mining capabilities are concentrated in the region.
According to a message received Monday fromlocal party organization, Sichuan Decision-Making Consultative Committee — government-backed think tank — held a meeting on Sunday to discuss topics related to the future development of the province.
During the meeting, the former vice-chairman of the CommissionChina's Securities Regulatory Authority, Yang Jiang, now a member of the think tank, said the combination of Bitcoin, blockchain, and excess hydropower in Sichuan should create new opportunities for companies in the region. The comment was made in connection with the ongoing investigation by the local authorities of the Bitcoin mining enterprises in Sichuan, which are allegedly being created without the necessary permissions.
Jiang added that currently 70% of all BTCmined in Sichuan, since excess and cheap hydropower, especially in the summer, has historically been attractive to Bitcoin miners. At the same time, the Coinshare blockchain startup estimated that as of June this year, just over half of the BTC production capacity is located in Sichuan.
“Blockchain can be used in any industry. Its main application is in the financial sector — digital currency and bitcoin are key examples,” — notes Jiang.
Jiang suggested that the provincial governmentSichuan has dedicated efforts to further study how the region's excess hydropower will help maintain attractiveness to cryptocurrency-related industries, with the aim of exploring new economic opportunities and growth.
Last week standing committeeThe National People's Congress (NPC) adopted the first cryptography law in the country's history, which will enter into force on January 1, 2020. In addition, after a recent speech by the Chairman of the People's Republic of China, Xi Jinping, interest in blockchain and cryptocurrencies in the country has grown sharply.
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