Bitcoin and Cryptocurrency mining industry still has a future in China
- The new report by NDRC excluding crypto mining will come into effect in January.
- China is home to leading cryptocurrency mining firms in the world.
The final catalogue released by the National Development and Reform Commission (NDRC) of China has excluded the crypto mining industry. The list titled "Industrial Structure Adjustment Guidance Catalog" is released by the agency to encourage support for certain industries while advising elimination of other industries.
The agency had included crypto mining in a draft of the same catalogue in April. The current catalogue excludes Bitcoin from the industries to scrapped and is set to come into effect on January 1, 2020.
The Chinese region hosts some of the largest Bitcoin and crypto mining plants in the world including Bitmain, Canaan and Ebang. The development is massive gesture towards the crypto industry for a country that has a selective preference for the industry.
This also comes after the President of China Xi Jinping pledged support for the blockchain technology. Jinping told industry players to take advantage of blockchain, however, China still discourages speculation.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
