More than six months after the National Development and Reform Commission of China proposed to classify mining bitcoins among the industries to be phased out of the country, it seems that the agency has now abandoned this plan.

The National Commission for Development and Reform (NDRC), a high-level economic planning agency reporting to the State Council of China, released a new catalog for industry restructuring on Wednesday that will come into force January 1, 2020.

In the final version, which will replace the one published in 2011, the agency abolished mining activities in bitcoins or other virtual currencies of the initially proposed category of industries that should be eliminated from China. The description relating to the exploitation of virtual money or bitcoin does not appear in the finalized catalog.

Officially founded in 1998, the NDRC is now part of the 26 ministerial departments that form the State Council of the Chinese Central Government. The main role of the NDRC is to study and develop strategies and economic reform policies to be implemented at the local government level.

The NDRC first published its catalog of sector reform in 2005, grouping industrial sectors into three types – those the agency recommends the country to encourage, restrain or eliminate.

The initial draft of the latest catalog update was published in April of this year. It classified "virtual currency extraction, such as the bitcoin production process" in the category to be eliminated, recommending local governments to phase out bitcoin extraction from the estimated country. to represent half of the global hash power of Bitcoin.

Many had made the decision at the time, including major media outlets, to indicate that China was planning to ban the exploitation of bitcoins, even though the policy itself does not automatically mean a ban on the exploitation of bitcoin.

The revision of the draft plan comes after a public consultation of several months.

At a press conference held on Wednesday at the NDRC, officials said that since the publication of the initial draft, the agency had received more than 2,500 suggestions on various issues, most of which had been taken into account. account, although officials did not comment on a particular suggestion regarding bitcoin. mining.

Chinese yuan image via Shutterstock

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