Earlier this year, reports arose that China once one of the cryptocurrency capitals of the world was looking to ban Bitcoin mining.
Asreported by NewsBTCat the time, the SCMP reported that the National Development and Reform Commission (NDRC) has revealed a draft list of industrial activities the government is interested inrestricting or outright banning, which include cryptocurrency mining.With Chinas Sichuan region, full of rivers, purportedly housing a large portion of the hash power backing the Bitcoin network, many were quick to take issue with this move.
According to a new document, however, this isnt Chinas plan.
On Tuesday evening, Chinese cryptocurrency insider Dovey Wanfoundthat the NDRC has eliminated Bitcoin mining from its list of industries to phase out over time. According to a roughly translated version of the article in question, the consultation paper that indicated that the NDRC cryptocurrency mining operations due to environmental damage has been deleted, implying that there will no longer be a concerted effort to stem the flow of resources to Chinas Bitcoin miners over time.
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
Dovey Wan 🗝 🦖 (@DoveyWan)November 6, 2019
While Bitcoin mining seems to be off the list of to-be-banned activities in China, this hasnt stopped some more regional authorities from taking action.
In September, Wan reported that five departments of governments and regulatory entities in the autonomous region of China Inner Mongolia had begun to crack down on Bitcoin mining enterprises, cloud computing firms, and other operations that deal with data centers and large computing devices.
Regulatory bodies from Inner Mongolia will dedicate resources in restricting cryptocurrency mining within the province
Xinjiang and Inner Mongolia are where most coal mining are based of. Tho I doubt this will have any impact
Dovey Wan 🗝 🦖 (@DoveyWan)September 14, 2019
Although the Google translation is spotty, the ChainNews article reads that local authorities said in a document that they believe cryptocurrency mining is unrelated to the real economy, and should thus not be supported by Inner Mongolia. So, the Autonomous Region Development and Reform Commission, the Public Security Department, the Office of the Ministry of Industry, the Financial Office, and the Big Data Bureau are all expected to carry out a clean up and rectification process on such firms over the next few months.
Related Reading:Chinese Crypto Crank, Has China Just Ignited Another Altseason?
No, China Isnt Banning Bitcoin Mining: Chinese Crypto Insider
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