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China may plan to lift Bitcoin ban

China may plan to lift Bitcoin ban

a China It has been one of the most prominent countries in the spotlight in the financial sector, be it the traditional market or the crypto market. With the Chinese government banning the sector, many were concerned about the Bitcoin ecosystem, but now it seems that the government is not entirely sure of its negative attitude towards the crypto sector, Desire to know the public opinion on this issue.

Press release Posted last weekend NS China National Development and Reform Commission Asks for public comment on bitcoin mining.

The China Macroeconomic Planning Agency is a major regulatory authority in the country responsible for listing various prohibited economic activities in the region, and currently, cryptocurrency mining is blacklisted by the commission.

general opinion

The public comment period will run for one month from the date of publication (October 21) to November 21. The public will be able to provide feedback through e-mail, paper letters or comments on the National Committee’s website.

Also according to the government body, the authority wants to hear public opinion from people involved in the financial sector as well as “people from different sectors and social situations”.

It is not clear whether for some reason China might consider removing cryptocurrency mining from their blacklist or whether the financial impact of the decision is negative and they want to re-encourage this activity there. Requesting public opinion may be absolutely useless and nothing is done after the period is over.

Bitcoin Doesn’t Care

One thing is true: The Bitcoin ecosystem does not care about China.

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China’s participation in the crypto market ecosystem has been overestimated, and the ban on mining and other activities helped prove that.

Without mining in China, Bitcoin hashrate grew in the US and other countries around the world, further decentralizing the network, just as Bitcoin was programmed to do so.

Could it be that China has realized that Bitcoin doesn’t care what it thinks of the cryptocurrency market and has to lose just by not taking advantage of the industry? We can only wait to see how the government, which has once again banned Bitcoin, will allow trading in the digital currency or is it just a strategy to determine who is backing the asset.