In China, officials abandoned the idea of banning cryptocurrency mining. In April, China’s National Development and Reform Commission (NDRC) had revealed a draft list of industrial activities it sought to restrict or prohibit. Bitcoin and crypto mining was on that preliminary list. Either way, it is not going to happen now as crypto mining has officially been scratched from that list.
In other words, the NDRC has deemed that bitcoin mining does not fall under any of these categories and should not be prohibited in China. It also means that there will not be ongoing efforts to hamper the industry by restricting or overcharging for electricity.
Interprovincial authorities may make their own rules up about the practice but on the whole, the news adds to the bitcoin and crypto bullishness emerging from the People’s Republic at the moment. The final rule comes into effect from Jan. 1, 2020.
China is home to some of the world’s largest cryptocurrency miner manufacturers as well as mining operations, including Bitmain, Canaan and Ebang. The final rule appears to be a positive development for the crypto mining industry in general.
During an NDRC press conference, officials said since the release of the initial draft, the agency has received over 2,500 suggestions on various issues, most of which were taken into consideration.