Bitcoin Mining Sees a Future in China, Authorities Confirm

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Another bullish development has unfolded for the Bitcoin community. In updated documents issued by relevant authorities in the country, Bitcoin mining was no longer included on China’s list of undesirable industries.

In the past, China had repeatedly expressed its unwelcoming stance towards crypto assets, particularly Bitcoin. There had been reports about the consideration of implementing a blanket ban. However, it seems that as the country continues to up its game on Blockchain exploration, the government is reconsidering the potentials of cryptocurrencies.

Samson Mow, the CSO of Blockchain tech company Blockstream, said that the National Development and Reform Commission of China (NDRC) had removed crypto mining from the list of unwanted industries. The development would be seen in the new edition of the country’s Industrial Structure Adjustment Guidance Catalog. The new list, which has replaced the 2011 version, would be implemented on January 1, 2020.

During a press conference held by NDRC (National Development and Reform Commission) on Wednesday, officials revealed that they received over 2,500 suggestions following the release of the first draft. However, they declined to share whether most of these suggestions are related to Bitcoin mining.

The news serves as a significant achievement for crypto enthusiasts in China. Notably, the central bank controls the Chinese financial market, and anything that falls outside its perimeter, such as cryptocurrencies is deemed unlawful.

According to industry analysts, the sudden change in China’s attitude can be attributed to President Xi Jinping’s outright promotion of Blockchain technology.

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