As China continues its public support for blockchain technology, it would seem that Bitcoin will also be enjoying the same, or at least will not suffer a crackdown. The country’s National Development and Reform Commission (NDRC) has released a list of industries that China plans to eliminate, without a mention for Bitcoin mining.
Months ago, a document was released by NDRC which had a list for the same purpose, but which included crypto mining. Since then, quite a bit has happened in China. Recently, President Xi Jinping called for all sectors in the country, to embrace blockchain technology, asking that China throws its weight behind the technology and embraces all that it offers. After that, things began to turn for the better and even though the president’s statement didn’t mention Bitcoin, blockchain has seen some growth.
China has also released a new law on cryptography that is expected to take effect from next year. Cryptocurrencies are still banned in China but the fact that the list initially included mining activity and now doesn’t anymore, might be something worth noting.
China will also be releasing its own Central Bank Digital Currency (CBDC) sometime soon. It is expected that the country will be the trailblazer in this department, as no other country is ready to launch its own digital currency.
Blockstream CEO Samson Mow has described the development from the NDRC as “bullish for Bitcoin.” China has made no move to change its current approach towards Bitcoin and other non-State digital assets.
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