It turns out that China will probably not ban the exploitation of bitcoins and crypto. This is another reason why the market is bullish rather than bearish.
China will not ban mines
Currently, China seems to be the catalyst for the slow rise in the price of bitcoin. As industry insiders know, China will not ban Bitcoin mining, contrary to what was said before.
Dovey Wan, a well-known member of Chinese industry and founding partner of Primitive Crypto, officially ended Twitter announcedthese bitcoins and crypto mining have been removed from the list of industries against which Beijing is taking action.
"Krypto shouted 6 months ago when it was learned that China banned the exploitation of bitcoins, while everything was going according to a spongy" directive "of the state planning authority The official version is now here: the cryptographic extraction has been removed from the "Eliminate" category, so the message is clear here. "
Earlier this year, the South China Morning Post announced that the Cinas Development and Reform Commission (NDRC) has drafted a list of industrial activities that prohibit or restrict certain industries. Bitcoin and crypto mining were on this list.
As Blockchain-Hero reported at that time, Bitcoin could have done a good job in this regard, since mining has been a bit more decentralized since then. The fact that this industry now disappears from this list is even better for Bitcoin.
At present, the NDRC believes that the extraction of bitcoins can not be attributed to any of these prohibited categories and therefore should not be prohibited in China. It also means that no ongoing effort is made to hinder the industry by limiting or overloading electricity.
Although there are still various regulations at the international level, news from China, considered positive, contributes to the fact that the market can be considered bullish rather than bearish.
At a press conference, the NDRC announced the addition of another 2,500 list suggestions, none of which were linked to the use of bitcoins. A translation provides the following reasons for acceptance or deletion:
Over the course of the revision period, more than 2,500 opinions and suggestions were received from various sources, and after careful study and individual sampling, most of them were adopted and accepted. compliance are those that are not in compliance with relevant laws and regulations or policies and are not state-of-the-art. "