China Decides Not to Eradicate Crypto Mining Industry in New Final Plan

The Chinese government has chosen not to wipe out the digital currency mining industry from the nation in a new final plan.

China’s National Development and Reform Commission (NDRC), a government office responsible for planning macroeconomic policies, has released a final “Industrial Structure Adjustment Guidance Catalog”—a rundown of those enterprises the office encourages the nation to support, limit, or get rid of—and the rundown doesn’t specify crypto mining in the eliminate category any longer.

In April, when the NDRC released a draft proposal, it suggested local governments to remove the cryptocurrency mining industry from China. The present final catalog becomes effective from January 1, 2020.

China is the base of some of the world’s biggest digital currency miner producers, just as mining operations, including Canaan, Bitmain, and Ebang. The final catalog seems to be a positive improvement for the entire crypto mining industry.

China has also been embracing blockchain, the innovation that supports digital currencies. A month ago, China’s president, Xi Jinping, publicly given support to blockchain innovation, stating that the country should take the main position in its advancement. China is also nearly “ready” to introduce its national cryptocurrency following five years of research and development.