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China Opens Public Consultation on Bitcoin Mining Ban – Regret?

A Chinese government commission opened a public consultation to find out the opinion of its inhabitants about its decision to prohibit the mining of bitcoin (BTC) and other cryptocurrencies.

The National Commission of China Development and Reform is seeking input from its residents on “rectifying mining activities” for cryptocurrencies. This is because it has reviewed the «Catalog of Guidance for the Adjustment of the Industrial Structure (Edition 2019)» and is now requesting the opinion of the public .

The agency enabled the consultation on its official website on October 21, so the inhabitants have until November 21 to access there and express their opinions. “Businesses and individuals from all walks of life can provide feedback,” as the statement reads.

In 2019 Bitcoin mining was removed from the list of prohibited activities for high energy consumption, and now, before including it again, the Government of China, wants to know the opinion of the public. It is not known what the government will do with the responses . It is also very likely that nothing will change.

China may be considering rectifying its measures on Bitcoin now that the United States has taken advantage of it. Source: Capture YouTube / Wall Street Journal.

In any case, long before opening the query, the Asian country banned digital mining to the point that there was an exodus of workers from the industry to other parts of the world after confiscations and closures of farms . Even recent reports suggest that at least 30% of the computational power or hash rate of Bitcoin mining is now concentrated in the United States, as reported by CriptoNoticias.

Does China regret banning Bitcoin mining?

It remains in doubt whether the fact that the United States now concentrates the greatest computing power to extract bitcoin, could be generating concerns in the Chinese government or if it evaluates to rectify its decisions.

In fact, one day before opening the public consultation, the National Development and Reform Commission published on its website the news of the advantage that the United States now has , leaving another sign that may be regretting the decisions made about bitcoin .

The Bitcoin mining is now prohibited in more than eight provinces of the Asian country, restrictions that have been reduced to the superpower that was China in the past in regards to this industry.

Nevertheless, If for some reason the government reverses the restrictive measures on bitcoin, it remains to be seen if the large mining farms that have moved to other countries will return to this territory.

At the moment, the result of the harsh crackdown imposed by China on Bitcoin is that not only miners, but also cryptocurrency service providers and large companies in the industry, are closing their doors. Meanwhile, other countries, such as the United States and Kazakhstan are benefiting from the exodus .

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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