China decides not to Put Ban on Crypto Mining Industry

The Plan to ban Cryptocurrency mining in China is discarded as it is announced in the press conference handled out by officials of the National Development and Reform Commission (NDRC). The previous draft by the institution had the objective to add the mining industry in the list of industries that should be banned from the state.

Draft Proposal of April

It is reported to Tokenhell in April that National Development and Reform Commission (NDRC) had published the draft proposal in which it is recommended to add the crypto mining industry in the list of industries that could be banned.

The news had created an air of confusion and uncertainty about the future of mining among the crypto lovers and miners. The step against the industry has received a lot of criticism and critics had a stance that it will be dangerous for China as the world’s largest hardware mining companies are functional in China such as Bitmain, Canaan and Ebang.

Mining Industry Safe now

But the recent announcements by the officials in a conference confirmed that it is not going to happen. This has relieved the uncertain feelings of the miners as well as the companies which are making machines for mining. The positive catalog by the Chinese government institution is giving a positive signal to the cryptocurrency.

NDRC that works directly under China State Council held a conference on Wednesday, Nov.6 in which they confirmed that they have removed the mining industry from the banning list. Moreover, in their catalog, all the guidelines about what constitutes “virtual currency mining” is mentioned. They have acknowledged, according to the local media reports, that they updated the draft because 2500 suggestions are received about the solutions to the problems and most of them included “taken into consideration”.

China’s Interest in the Field

It seems that the Chinese government is steadily accepting the digital currency industry and blockchain industry. As we have seen earlier that Chinese’s Central bank has issued the cryptocurrency and President, Xi Jinping, encouraged the blockchain industry by clarifying that it is the need of the hour to take the leading position in technology. And the analysts are claiming that today’s decision might be the product of the president’s interest in the industry.

Hassan Mehmood

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has got a degree in journalism.

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