The ban on mining bitcoin has been withdrawn by the Chinese government. Half a year ago a bill was published that stated that minen would become illegal in China, but this ban was canceled.
Catalog for the restructuring of the leading industry
The Chinese National Development and Reform Commission (NDRC) prepared a large catalog of industrial activities that should be banned. The mining of bitcoin was one of these forbidden activities.
The national agency published a definitive list on Wednesday entitled “Catalog for restructuring the lead industry.” This list is effective from January 1, 2020. It was also time for a new version of this list, the previous one is from 2011. If you want to go through the entire list (that is possible here), it is noticeable that cryptocurrency’s, bitcoin and mines are not mentioned.
Eliminate bitcoin mines
The NDRC was formally established in 1998 and is now one of the 26 governmental departments that together form the State Council of the Chinese central government. The main role of the NDRC is to study and prepare economic reform strategies and policies. These are then passed on to executive branches of the local government branches.
In 2005, the NDRC published a similar reform catalog for the first time. At the time, all industrial sectors were grouped into three types:
- encourage
- limit
- to eliminate
The first draft of the latest catalog update was shared in April this year. Herein “the bitcoin production process” was classified under the eliminate category. In theory and with a little FUD, bitcoin would have to hand in half of all computer power. Strangely enough, that did nothing at all with the bitcoin rate, in fact, the bitcoin rate rose in April and seemed to be recovering from the dip at the end of 2018.
When the first draft version was shared, many saw this as a signal that China wanted to curb the entire bitcoin mining industry. Except for Dovey Wan, witness her tweet and retweet.
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? https://t.co/bA9To59cKJ pic.twitter.com/ynRiTdkKd7
– Dovey 人服人 Wan ? ? (@DoveyWan) November 6, 2019
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