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Will China lift ban on bitcoin mining?


Chinese officials have recently revised one of the country’s core industry guidelines and intend to formally add digital currency extraction to China’s list of industrial activities outside of China. As the review of procedures in China is carried out with public feedback, it is likely that the rules for bitcoin mining in this country will change.

to the Report Last week, Chinese officials released a draft of a plan to extract digital currencies, and despite media reports and information about the plan on social media, the government has so far requested a public comment on lifting the ban. Has not exported digital currencies.

China’s National Development and Improvement Commission, a body affiliated with the country’s central government, announced last Thursday that it intends to review China’s industrial restructuring policy, which was last updated in 2019. .

According to the China Development and Improvement Commission, the revision includes only one thing, and that is to add “digital currency extraction” to the list of activities that should be phased out of the country’s economy.

Since the announcement, many digital currency media outlets have reported that the decision marks a sign for Chinese authorities to reconsider banning digital currency mining as the bitcoin market rises; But this claim of the media contains false information and can even be said to be completely false.

Getting public comments can sometimes lead to changes in China’s policies. For example, during the 2019 Code Update, the China Development and Improvement Commission first proposed that digital currency mining be added to the list of industries that should be phased out. But the decision was immediately met with a backlash from digital currency industry, and China’s Development and Improvement Commission finally removed digital currency mining from its list of foreign-owned activities at the end of the same year.

On the other hand, receiving public opinion from the executive can be quite ceremonial. When the Inner Mongolia Region Development and Improvement Commission presented a bill banning bitcoin mining activities in May, it completed its public comment period within a week, a normal time to address Public comments is a month.

The difference between the new review and the previous ones is that the Development and Improvement Commission announced its decision a month ago.

Following the order of the State Council of China to ban digital currency extraction activities, the Chinese Development and Improvement Commission announced on September 24 (October 2) that it would review the 2019 policy and add digital currency extraction to the list of foreign currency industries. will do. One month later, the commission has not yet officially released the results of this update.

China’s Development and Improvement Commission released the first guidelines for the modernization of the country’s industrial structure in 2005, and since then the guidelines have been periodically updated, with the latest dating back to 2019.

The purpose of these updates is to inform the public about government-sponsored industries, as well as to maintain or eliminate certain industries so that provincial and municipal authorities can manage the next steps.

Public reviews are conducted prior to the publication of the final version of the Code and through the receipt of public comments. As a result, anyone in the country who opposes the ban on mining-related activities can make their views known to the Chinese authorities; However, it seems very unlikely that dissenting opinions will influence the decision-making process of the country’s officials.

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