The National Development and Reform Commission of China is conducting a survey to determine the perception of the government’s decision to ban Bitcoin mining. Attention to the notice published on the agency’s website on Thursday was drawn by the CEO of Three Arrows Capital, Su Zhu.
China seeking public solicitation of comments regarding un-banning crypto mining 🧐https://t.co/g1wyUdORTt pic.twitter.com/qyRQyTBgcn
— Zhu Su 🔺 (@zhusu) October 25, 2021
“China is collecting public comments on the lifting of the cryptocurrency mining ban,” he writes.
In May, the State Council of the People’s Republic of China called bitcoin mining an undesirable financial risk, after which most miners were forced to stop working or move abroad. These events negatively affected the amount of computing power in the bitcoin network, but since then the hashrate has almost completely recovered due to the development of mining in the United States and other regions.
The publication of the National Commission says that everyone can comment on the work of the authorities in the field of “eliminating the activity associated with the” mining “of virtual currencies.” The collection of comments takes place from October 21 to November 21. However, nothing in the publication indicates that the authorities really plan to lift the ban on bitcoin mining, as Zhu suggests.
Also over the weekend, it became known that the Chinese companies Ant Group and Tencent changed the mention of non-fungible tokens (NFT) in their materials to “digital collectibles.” NFTs are not officially banned in China, but the state media and individual structures are already warning citizens about their speculative nature.
The companies explained that the changes are related to their desire to act within the framework of the law. According to Chinese journalist Colin Wu, authorities have interviewed major technology platforms in connection with their NFT proposals. This usually happens when companies do not meet the expectations of the authorities, as it was before the cancellation of Ant Group’s IPO last year.
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