China excludes crypto mining from its elimination list
New Chinese elimination list no longer mentions crypto mining
The mining of crypto currencies has been removed from a list of industries that the Chinese Government wishes to eliminate, after the country’s leaders voiced their approval of blockchain technology.
The National Development and Reform Commission (NDRC) of China, which is responsible for Chinese macroeconomic policies, published its final guidance on the industries which it wishes to prohibit, eliminate or enforce.
A draft version of the list, titled "Industrial Structure Adjustment Guidance Catalog", which came out in early 2019, mentioned crypto mining in the elimination list. The new guidance will come into effect starting Jan. 1, 2020.
The Chinese government is known for its strict policies towards cryptocurrencies and Initial Coin Offerings. Financial institutions in the country are not allowed to proceed with crypto transactions, and major companies cannot hold or trade cryptocurrencies.
Nonetheless, recently the country has made a huge step towards adopting these currencies, ,with Chinese leader Xi Jinping urging his government to develop blockchain technology and to convert the country into the leader in the area.
The recent signs indicate that China, which is home to major crypto mining giants such as Bitmain and Canaan, could further reconsider its position towards the crypto industry.