Chinese authorities exclude cryptocurrency mining from the list of unwanted activities
The Chinese authorities decided not to take measures to completely limit the activities of cryptocurrency miners on their territory.
The National Development and Reform Commission, which is responsible for the formation of the country’s macroeconomic policy at the highest level, on Wednesday presented an “Updated list of guidelines for structuring industry”, which contains a list of industries recommended by the department for development, restriction or suppression. Cryptocurrency mining no longer appears in the last category, as in principle in the document.
In April, the department published a draft version of its proposal, in which it recommended that local authorities eliminate “mining of virtual currencies, such as the process of mining bitcoin.” According to the position of the administration, the industries included in the list violate the requirements of current laws, are unsafe, waste resources or pollute the environment, and mining, in particular, hinders the further development of the country. Then this proposal was viewed by many as confirmation of the government’s plans to ban mining, although in itself it had no legislative force.
China is known for its role in the global mining industry. Companies such as Bitmain, Canaan, and Ebang are based here. The list update could be positive news for crypto mining in general, notes The Block.
During a press conference on Wednesday, the commission was presented and said that since the release of the draft list, they have received over 2,500 appeals regarding various issues, most of which have been accepted for consideration. The version of the list published today will enter into force on January 1 2020 year and will replace the current one, which was prepared back in 2011.