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Bitcoin Mining Industry Given Another Chance By the Chinese Agency

 

  • The China National Development and Reform Commission has now rejected their half-year proposal to ban bitcoin mining.
  • NDRC distributed a concluded new Catalog for Guiding Industry Restructuring on Wednesday that will produce results from January 1st, 2020.

Over a half year after the China National Development and Reform Commission proposed to arrange bitcoin mining as an industry to be eliminated from the nation, it shows up the agency has now rejected that arrangement. In the last version, which will replace the present one distributed in 2011, the agency has terminated bitcoin mining or other virtual coin mining activities from the beginning proposed classification of industries that ought to be dispensed from China. Description identified with a virtual coin or bitcoin mining can’t be found in the concluded catalogue.

The National Development and Reform Commission (NDRC), a top-level monetary arranging organization under China’s State Council, distributed a concluded new Catalog for Guiding Industry Restructuring on Wednesday that will produce results from January 1st, 2020.

NDRC which was created formally back in 1998 has developed a 26 cabinet-level department that basically forms whole together under the State Council of the Chinese Central government. The main goal of NDRC is to analyze the economic sectors and reforming strategies which are further put to functioning in the local government sectors.

The NDRC initially distributed its industry reform catalogue in 2005, gathering industrial areas into three kinds – those the organization encourages the nation to support, limit or terminate.

The drafting of Virtual mining of cryptocurrencies, including the major ones were classified under the list to be terminated or to put stop henceforth in the entire country and completely wipe out from local sectors and local governments which would have reduced half of the hash power accounting in the Bitcoin global level.  

This drafting by the Chinese agency caught the attention of many media companies and the global community of cryptocurrency as a sign that China was forming a law to terminate mining even though the actual drafting doesn’t mean the complete ban of mining.

The revised drafted bill comes after a six-month-long tenure which has dropped the law to terminate bitcoin mining.

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About Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

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