China seems to play quite well in the crypto industry because the country which was once included Bitcoin mining in the list of pending elimination – is pulled out of the list. The latest update reveals that China isn’t eliminating the crypto industry in a new final plan.
It was revealed via a final document “Industry Structure Adjustment Guidance Catalog” published by a central government agency in charge of formulating macroeconomic policies, The National Development and Reform Commission (NDRC) of China. In a list, the country guides which industry should be restricted or eliminated and which must be encouraged. Per the report, crypto mining is no longer in a list of pending elimination which was included back in April in a draft proposal published by NDRC.
It comes in a wake of China’s ongoing concern over leading the blockchain industry and becoming the first nation to issue its own cryptocurrency. Having said that, China is revealing various updates on the decentralized industry very frequently which undoubtedly exciting the entire crypto community. The Twitter account of cnLedger (account dedicated to China-related crypto and blockchain updates) states that the official catalog of China’s decision that will unban bitcoin mining will be effective on Jan 1, 2020.
The Catalogue of Industrial Structure Adjustment Guidance (2019) was reviewed and approved at the 2nd meeting of the Secretariat on August 27, 2019. It is hereby promulgated and will be implemented as of January 1, 2020. The Catalogue of Industrial Structure Adjustment Guidance (2011) (Amendment) is also abolished at the same time, read the official paper.
More so, China will also implement the cryptographic law (which was announced recently) in early Jan 2020. With all the factors into consideration, China might be the first country to seize every possible and potential opportunity in the crypto and blockchain spectrum.
Image Source – Flickr
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.