China Backtracks Stance on Cryptocurrency Mining After New Guidance Document

[cheezcarls]

To be honest, I am kind of surprise of the recent move made by China. I remember that since last year, there was a crackdown on Bitcoin and cryptocurrency mining farms in China.

Here’s the first couple of paragraphs in the recent news and I quote:

“The National Development and Reform Commission of China appears to had a change of heart on cryptocurrency mining. In the 2019 version of the Industrial Structure Adjustment Guidance Catalogue, cryptocurrency mining is no longer considered an industry that needs to be eliminated.

The Catalogue of Industrial Structure Adjustment Guidance (2019) is a document that serves as a reference for Chinese governments to manage local investments and optimize industrial infrastructure. The document identifies which industries are considered undesirable for the nation’s economy, as well as highlighting those that need further investment.”

Source link here

My question to you guys is this. Is this a change of heart now for China in terms of cryptocurrency mining?

After China’s positive look at the disruptive blockchain technology that contributes to Bitcoin’s price to skyrocket from $7,700 to $9,300, now this could be a big thing right now. I don’t know what would be your opinion about this one guys.

For me, this is just a tip of the iceberg next to China’s positive outlook in blockchain. There’s still lots of ways to go before they would fully embrace, legalize and regulate Bitcoin and other cryptocurrencies. 

[Bttzed03]

1. President Xi Jin Ping talks positively about blockchain
2. Talk of their national digital currency
3. Changing stance on crypto mining

It looks like they planned this a long time ago. I'm not sure whether they will legalize bitcoin and other crypto as a payment method though.

[robelneo]

They are now adopting blockchain and creating their own coin and they want a positive atmosphere in the Crypto community, they want to be Crypto friendly now, because of the recent development, they do not want international criticism to their plan, because they have seen what happen to Facebook, when they face the congress and the community's reaction, maybe they will set up a PR department to counter any negative feedback, whoever advice Ping is doing a great job.

[avikz]

My question to you guys is this. Is this a change of heart now for China in terms of cryptocurrency mining?

No! It's a survival technique adopted by Chinese government after knowing and assessing all possibilities of eradicating cryptocurrency from Mainland China!

Theyr are just making themselves future ready so that they don't have to invest a lot of money or time when the competing cointries will move to digital economy!