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Here we go again – China seeks public opinion to unban Bitcoin and crypto mining activities

China’s National Development and Reform Commission (NDRC) recently published a report soliciting opinions from the public.
The NDRC refers to the recently banned digital currency mining industries and asks Chinese citizens to opine on the matter.
This development comes after China first banned financial institutions and payment companies from providing crypto-based services.
However, China tightened the noose in September when it banned cryptocurrencies altogether on September 24.
The recent ban made it illegal to transact and mine cryptocurrencies. Therefore, this move wreaked havoc among crypto enthusiasts and companies.
Mining companies like Bitmain announced that they would no longer sell mining equipment to Chinese citizens.
Even crypto exchanges like Binance, OKEx and others banned Chinese users and IPs from accessing cryptocurrencies.
However, the recent step might be the start of reforms where the Chinese government might try to step back on their decision and even undo it if it garners enough public attention.

View Reddit by mahad3v9View Source

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32 Comments

  1. When you run a centrally planned totalitarian dictatorship and you ban something, it needs to disappear from society. If the banned item/activity is still available to citizens the the entire shitty edifice of your control, authority and leadership is brought I to question, it’s a slap in the face that leaves a mark for all to see.

    China has realised you cannot ban Bitcoin.

  2. Is it because of the successful BTC Futures ETF? Or maybe it’s because the US is making positive headlines so they singled themselves out from the huge potential and innovation coming in like a tsunami? I especially love how one headline said there is now 0% hash rate coming from China lol!

  3. tldr; China’s National Development and Reform Commission (NDRC) recently published a report soliciting opinions from the public. The NDRC refers to the recently banned digital currency mining industries and asks Chinese citizens to opine on the matter. This comes after China first banned financial institutions and payment companies from providing crypto-based services.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  4. “That would be a violation of the ban rules as we understand them. Moreover, we have banned China so the entire point is moot. However, we might be open to a discussion involving a mutual bilateral unbanning after the ban cool-down period expires. Thank you all for coming, that will be all.” – Bitcoin CEO

    There you have it, China can’t unban during the ban cool-down period. Everybody knows that.

  5. Lol they couldn’t have banned mining at a worse time. Regardless if they were forced to make the decision or not. I mean the power grid literally couldn’t handle it. It’s fucking China and dirt poor there. I really don’t see many mining companies go back without significant upgrades to infrastructure and some sort of sense of stability in that area.

  6. There are probably Chinese centi-millionaires that made bank from mining Bitcoin this past decade. I bet they are fuming at the revenue streams lost to them (literally half a million dollars every 10 minutes), so much so that even the politicians feel the heat.

What do you think?

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