The Chinese Government has decided not to scrap off cryptocurrency mining from the country. The National Development and Reform Commission (NDRC) of China is in charge of formulating macroeconomic policies in the country. The NDRC published a list of organizations that they advise the country to support, restrict or eliminate. Luckily enough, cypto mining was not included in the list of industries to be eliminated.
In April 2019, a draft proposal published by the NDRC recommended local governments to eliminate cryptocurrency mining. But the final catalog released today, which takes effect from January 1, 2020 says otherwise.
China houses the world’s largest mining operations as well as mining manufactures. This current catalog released by the NDRC will affect the crypto mining industry positively.
In addition to embracing the mining industry, China has embraced the blockchain technology as a whole. Xi Jinping, China’s president, has publicly declared his support for blockchain technology and encourages citizens to take the lead in blockchain development. The country is also making preparations to launch its digital currency.