China has been extremely vocal about its dislike towards the crypto industry and has made many initiatives to block it out like banning tradings and initial coin offerings within China. Recent news suggests that China’s central government agency has officially labeled the cryptocurrency related ‘Bitcoin mining’ as an undesirable industry.
The central government agency in China is responsible for creating policies related to the economic sector. The central government agency is now suggesting to the Chinese government to completely introduce a full-scale ban on the crypto industry.
NDRC issued a prototype proposal that suggests that the current catalog of policies for relating matter should be revised. The current catalog labels the bitcoin mining activity and the industry in general as undesirable and proposes that the industry should be eliminated from China. The catalog puts the cryptocurrency among the likes of industries which are either unproductive or not eco-friendly.
The NDRC was launched in the 90s, and its main responsibility is to observe and pinpoint changes and policies in the economic sector of China. The first rulings of policies were published in 2005 and was continually revised in the following years with intervals of one or two years max.
The same ruling policy is being updated in 2019 too which was last updated in 2016. The updated version will be released to the public in the first week of May. The public can then point out and introduce new changes and voice how it feels about it. After this, the official, an updated version will be published and implemented.
It is yet unpredictable if the new catalog will be in favor of bitcoin mining industry or not. However, a ban on the industry given the current situation is anticipated by the industry.