All bitcoin and crypto market bullishness is emanating from China at the moment. One industry insider has just revealed that, contrary to earlier reports, China will not be banning bitcoin mining.
No Bitcoin Mining Ban in China
Within the past hour or so Chinese industry insider and Primitive Crypto founding partner, Dovey Wan, posted an official announcement stating that bitcoin and crypto mining has been removed from a list of industries that Beijing was planning to crack down upon.
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
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 以德服人 Wan 🗝 🦖 (@DoveyWan) November 6, 2019
Earlier this year, the South China Morning Post reported that China’s National Development and Reform Commission (NDRC) had revealed a draft list of industrial activities it sought to restrict or prohibit. Bitcoin and crypto mining was on that preliminary list.
As reported by Bitcoinist at the time, the move may have been good for BTC as mining operations become more decentralized. Either way, it is not going to happen now as crypto mining has officially been scratched from that list.
In other words, the NDRC has deemed that bitcoin mining does not fall under any of these categories and should not be prohibited in China.