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Blockchain and Cryptocurrency Safe in China

Blockchain and Cryptocurrency Safe in China

The commission in charge of administrative planning over the economy of China, The National Development and Reform Commission (NDRC) revealed earlier this year that it was considering putting crypto mining on a list of banned industrial activities, which would have effectively phased out the industry from the country.

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The National Development and Reform Commission of the People’s Republic of China, formerly State Planning Commission and State Development Planning Commission, is a macroeconomic management agency under the State Council, which has broad administrative and planning control over the economy.

According to Jinse a local media outlet, the NDRC which works under China’s State Council, has removed cryptocurrency mining from the list of industries that should be removed from the country. The catalog contains detailed descriptions of what constitutes “virtual currency mining.”

The commission said they received over 2,500 suggestions on how to deal with various issues raised by the draft catalog, adding that most of them were “taken into consideration.”

While there were no comments on NDRC’s decision to scrap plans for phasing out crypto mining, the commission was most likely responding to overwhelming pressure from the industry.

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