China removes cryptocurrency mining from the list of undesirable activities

The National Development and Reform Commission of China has changed its attitude towards the activities of cryptocurrency miners and will not completely limit the mining of crypto assets.

The Commission, whose tasks include the formation of the macroeconomic policy of the state at the highest level, today introduced the “Updated list-guide for structuring the industry.” In it, she describes the directions that need to be developed, limited or completely eradicated. Cryptocurrency mining is no longer present in the latter category, as in principle in the document.

Recall that in April a draft version of the document was published, in which the local authorities were offered to completely eliminate the “virtual currency mining”. The list included more than 450 undesirable activities that violate the requirements of applicable laws, are unsafe, spend resources or pollute the environment. Then it was said that mining slows down the development of the state. Many regarded this proposal as a confirmation of the authorities’ plans to ban mining, but the document itself did not yet have legislative force.

China has a large share in the global mining industry. Companies located in the country include Bitmain, Canaan and Ebang. The latest update of the list may be a positive development for crypto assets mining activities.

In April, after the publication of the draft list, it was said that the authorities were ready to receive and analyze public comments. During a press conference today, representatives of the commission said that it had received over 2,500 appeals, most of which were accepted for consideration. The new version of the list is final and will enter into force on January 1 of next year.