On November 6th a document was released by the commission, removing “virtual currency mining” as the industry that needs to be eliminated.
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First step of LEGALIZING Chinese mining has been
On Nov. 6th, The official China Guiding Catalogue of 2019 industrial structure adjustment removes the “virtual currency mining” which used to be defined as “industry that needs to be eliminated” pic.twitter.com/qB5pWhdo5a
— Crypto Even (@Crypto_Even) November 6, 2019
This change of plans comes after months of public consultation according to the press conference held by the National Development and Reform Commission where officials explained that the commission received more than 2500 proposals on several issues, however, they did not make any specific comments about bitcoin proposals they have received.
China which is accountable for nearly half of the world’s hashing power is seeing a more friendly approach toward crypto. The narrative change in the last week with blockchain endorsement and now nearly legalizing mining confirms that.
This is good news for miners that can have some more peace of mind now that the government has switched plans.
An interesting thing is that China has been accumulating gold without disclosing it for 6 years and then the central bank announced a 57% increase in their gold holdings in 2015 as Bloomberg reports.
Now a question that rises itself is, how long will take China to disclose their Bitcoin holdings?
Why do you think China government became “friendly” with crypto? Feel free to post your opinion in the comments below.