November 6, 2019

China to Remove Cryptocurrency Business from Prohibited List

In the winter of 2019, information appeared on the Internet that China might ban bitcoin mining. It is worth noting the fact that China is one of the most developed and powerful countries with cryptocurrency businesses in the world.

SCMP said the National Development and Reform Commission (NDRC) presented a project that presented a list of industrial activities. The bottom line is that the government was interested in these sectors and their restriction or complete prohibition. The cryptocurrency business technology industry has also been included in this list.

However, after the release of new documents related to this topic, it became clear that the ban on the cryptocurrency sphere is not included in the plans of China, and this sphere still remains safe for activities in this country.

In the evening, November 5, it became known that the NDRC excluded the cryptocurrency business industry from the restricted list.

Six months ago, CT talked about China as prohibiting mining of bitcoins, while the Chinese state planning department published an unclear “consultation document.”

At the moment, cryptocurrency mining has been officially removed from the “forbidden categories”, although this has not stopped some regions of the country from taking restrictive measures.

In September, information was published that 5 government departments and regulatory bodies in the autonomous region of China’s Inner Mongolia began to restrict and suspend mining companies, cloud computing firms, and other operations related to data centers and large computing devices.

Also, it is worth paying attention to the message that local authorities in the document explained and justified their actions by saying that the cryptocurrency business “is not connected with the real economy” and therefore cannot be supported by Inner Mongolia. Thus, the “The Office of the Ministry of Industry, Commission for the Development and Reform of the Autonomous Region, the Financial Department and the Big Data Bureau”, apparently, will realize the cleaning and correction of such companies in the near future.

Disclaimer

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.

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