More

    China's NDRC Will Not Be Outlawing Bitcoin Mining After Initial Reports Were Planning to Phase It Out

    The China National Development and Reform Commission, an agency under China’s State Council, abandons its intentions of eliminating bitcoin mining industry in the country.

    China is the crypto mining capital of the world with more than 60% of total mining activity being registered from the most populated state of the world. Many believe the actual figures could be many folds larger than the official one. The main reason for such high percentage of mining concentration could be attributed to the availability of clean and green power supply at dirt cheap prices.

    So, when The National Development and Reform Commission (NDRC) proposed a plan to eliminate the mining industry from the country six months back, it created quite a chaos in the crypto space. Many miners were reportedly started selling their mining rigs over falling crypto market and growing uncertainty of the mining industry in China.

    However, within the last couple of weeks China has not just stated its desire to take the lead in blockchain technology, but also ease up their policies surrounding other cryptocurrencies as well. NDRC teased a new catalog on guiding industry restructuring which will come in effect from January 1st, 2020.

    The news came into public notice after Dovey Wan, a well-known crypto Twitter personality who is known for her insights from China wrote,

    *BREAKING

    6 months ago CT was screaming abt “China banning bitcoin mining” when a fuzzy drafted “guideline” was published by China state planning dept

    The official version is out: cryptocurrency mining is removed from the “eliminating category”

    The message is so clear here👀”

    The new catalog will replace the existing one written back in 2011 and it has removed Bitcoin mining from the industry they were looking to eliminate.

    China is set to Take the Lead in the Fintech Race

    China being an authoritarian state is quite conservative and did not want any foreign currency being a part of their national economy and thus banned the use of cryptocurrency quite early. However, they did focus on using blockchain tech to create their own national digital currency which would maintain their financial sovereignty and also give more control on the flow of money.

    With the release of the Chinese digital Yuan just round the corner, China has started an astonishing revamping of its digital financial sector. Many believe the decision to overturn the previous decision to eliminate Bitcoin mining could be the sign that China could be looking at nationalizing Bitcoin mining.

    China also has the biggest Bitcoin mining rigs manufacturer along with the biggest producers of semiconductor chips which are an essential part of the mining machines. With all the latest developments coming from China, it seem the nation was working behind the doors to figure out the right and wrong with these emerging technology, and with the testing phase almost coming to an end, the implementation phase has started.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Ali Raza
    Ali Raza
    A freelance journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali's work has been published on a number of cryptocurrency publications.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,279FansLike
    2,755FollowersFollow
    4,126FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Dash Price Analysis (February 16)

    • The overall outlook of the coin market is bullish in trend. • The bears may have a temporal control. DASH/USD Medium-term Trend: Bullish • Resistance levels...

    Over $350,000 USD in Ethereum Lost from bZx DeFi Platform in a ‘Complex Transaction’

    bZx Exchange, a DeFi based product states it lost over $350,000 USD in ETH following a “malicious attack” or “successful arbitraging” as queries are...

    Stellar (XLM) Price Analysis (February 16)

    • The price of Stellar is likely to encounter a price breakout soon. • Buyers are in the dominance of the market. XLM/USD Medium-term Trend: Bullish •...

    Bitcoin Cash (BCH) Price Analysis (February 16)

    Key Highlights Lately, there was a slow-increasing mote in the BCH/USD trade worth. As at the time of writing, the crypto’s value looks being...

    MONERO (XMR) Price Analysis (February 15)

    Key Highlights There have been long series of relative up rises in the XMR/USD market activities.  The XRM/USD market has maintained a range interval...

    Bitcoin is Gold on Steroids that would Make an All-time High by Halving: Galaxy Digital CEO

    Earlier this week, Bitcoin breached $10,000 and since then we have been keeping above this level. The digital asset is up 40% in 2020 so...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.