Over the course of their history with cryptocurrencies, China has not exactly been steadfast in their opinion on the subject. From banning crypto essentially leaving its’ legal status in a grey area, no one seems to really be able to say definitively what the Chinese government wants to do with the blockchain industry.
Certain things are clear, like the government’s support for the blockchain as a technology. As any industry insider knows, however, the blockchain and crypto are two different things, especially in a legal sense. One is a technology that can facilitate data transfer in a more secure way than just about anything else. The other threatens the global monetary system, in a sense.
With today’s news that China may be considering banning Bitcoin mining, things have gotten even more complicated. According to CoinDesk, however, for now, this is less of a government-wide decision and more of the opinion of one particular agency.
At the same time, this particular opinion is powerful, since the agency in question is reportedly in charge of determining many of the country’s large-scale economic activities, including what is legal to do and what is not. In an overarching sense, this office has decided that Bitcoin mining should be outlawed to the point that it is not a legal industry.
Reportedly, even though the entire government likely has the final say here, Chinese citizens now have about a month to state their opinions on the issue. In the end, as CoinDesk says, this agency’s opinion appears to be more of a general guideline for 25 or so other departments to make a final decision on the matter.
By: BGN Editorial Staff