- Cryptocurrency mining set to be staying in China
- The nation’s state council revealed this week the new version of the guidance catalogue.
- Despite prior hatred towards crypto and blockchain, the country seems to be warming to the idea of the emerging technology, proving to be a positive thing for investors.
The news of cryptocurrency mining will be being kept alive in China comes after President Xi Jinping announced that the nation will “take the leading position in the emerging field of blockchain.”
One of the highest-ranking economic planning organisations under China’s State Council, the National Development and Reform Commission (NDRC), revealed earlier this week the most recently updated and final version of the “Industrial Structure Adjustment Guidance Catalog.”
This catalogue includes industries where the lawmakers are wanting to encourage, regulate, or even demolish from the nation’s financial sector. This will be coming into effect on January 1st, 2020.
As per CCN, in the end plan, the commission removed “virtual currency mining, such as the production process of bitcoin” from the category it had initially said to eliminate earlier in the year in April.
“During that time, the Commission had released a draft proposal pressuring local governments throughout China to eradicate cryptocurrency mining. The move was seen as a sign that the Chinese government was planning to ban cryptocurrency mining. But, after several months of public consultation and revising 2,500 suggestions on various issues, the agency put an end to that idea.”
A founding partner at Primitive Ventures, Dovey Wan said:
“Six months ago crypto Twitter was screaming about ‘China banning bitcoin mining’ when a fuzzy drafted ‘guideline’ was published by China state planning department. The official version is out: cryptocurrency mining is removed from the ‘eliminating category'”.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!