ADVERTISEMENT

China will not eliminate bitcoin mining as an industry – Bitcoin Mining News

Must Read

Samsung SDS adds privacy blockchain solution to Nexledger

Samsung, a South Korean multinational conglomerate with various subsidiaries, serves a different purpose depending on the industry in which...

Iranian government increases power tariffs for cryptocurrency miners

According to local news agency IRIB News, the Iranian regulators have tightened the regulations on the cryptocurrency miners in...

PayPal stops payments for Pornhub Models. Is Bitcoin next for PornHub VR, App & PornHub Premium?

PayPal is an American Company that is operating worldwide as an online payment method, which would help for online...
Avatar
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

China National Development and Reform Commission has dismissed its plan to exclude bitcoin mining as an industry in the country. The Chinese economic planning agency in its new Catalog for Guiding Industry Restructuring has allowed cryptocurrency mining to be an industry in the country.

China’s top economic planning agency (NDRC) had earlier categorized bitcoin mining as an industry to be barred from the country. The new Catalog for Guiding Industry Restructuring will take effect from Jan 1, 2020.

Back in April od this year, NDRC had listed bitcoin mining as an industry that should be phased from the country as it did not adhere to relevant laws and regulations. But in its latest list, the economic planning agency did not mention bitcoin or any other crypto mining that should be phased out from the country.

The NDRC published its first industry reform catalog back in 2005, advising the country to encourage, restrict, and eliminate different types of industries. In 2011, NDRC included bitcoin mining in the industry that needs to be removed. Currently, China is responsible for the majority of bitcoin mining in the world.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

Leave a reply

Please enter your comment!
Please enter your name here

Latest News

Samsung SDS adds privacy blockchain solution to Nexledger

Samsung, a South Korean multinational conglomerate with various subsidiaries, serves a different purpose depending on the industry in which...

More Articles Like This