Bitcoin has faced a lot of problems since its launch, and the most significant issue faced by Bitcoin has been finally resolved as China has lifted the cryptocurrency mining ban. The officials considered the uprooting the entire crypto industry at one point, but since October, China has been more supportive of the technology.
The April ban stopped the mining process in China, and it is the leaders of crypto network hashrate controllers and as the manufacturer of mining hardware. There were rumors about the launch of China’s cryptocurrency launching soon, which would be made available to the public by 2020.
Note: China banned ICOs or Initial Coin Offerings in 2017 due to which the leading crypto exchange platform Binance moved its operations to Malta.
In October, China’s President, Xi Jinping, suggested that the research in the direction of blockchain technology should be improved and focused on. This showed their optimistic approach for the crypto assets.
Uplifting the ban
China is now slowly moving towards the acceptance of cryptocurrencies as the authorities have confirmed the lifting of the ban on digital currencies. This news was confirmed by Samson Mow, the CSO of Blockstream and CEO of Pixelmatic via a tweet.
— Samson Mow (@Excellion) November 6, 2019
The tweet contained China’s National Development and Reform Commission catalog that informed that Bitcoin Mining had been removed from the list of banned industries.