China Will Not Eliminate Bitcoin Mining As An Industry
On Sep 12, 2020
China National Development and Reform Commission has dismissed its plan to exclude bitcoin mining as an industry in the country. The Chinese economic planning agency in its new Catalog for Guiding Industry Restructuring has allowed cryptocurrency mining to be an industry in the country.
Bitcoin mining as an industry
China’s top economic planning agency (NDRC) had earlier categorized bitcoin mining as an industry to be barred from the country. The new Catalog for Guiding Industry Restructuring will take effect from Jan 1, 2020.
Back in April od this year, NDRC had listed bitcoin mining as an industry that should be phased from the country as it did not adhere to relevant laws and regulations. But in its latest list, the economic planning agency did not mention bitcoin or any other crypto mining that should be phased out from the country.
The NDRC published its first industry reform catalog back in 2005, advising the country to encourage, restrict, and eliminate different types of industries. In 2011, NDRC included bitcoin mining in the industry that needs to be removed. Currently, China is responsible for the majority of bitcoin mining in the world.