China Abandons Bitcoin Mining Ban

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China’s National Development and Reform Commission (NDRC) has abandoned proposals to ban bitcoin mining in the region.

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China’s economic planning agency, the NDRC, published their finalized Catalog for Guiding Industry Restructuring on Wednesday, which will take effect beginning Jan. 1, 2020.

The new document will replace the current one, which was published in 2011.

Originally, the NDRC proposed a ban on cryptocurrency mining, eliminating the practice from China.

However, those requests have been erased from the finalized catalog.

Established in 1998, the NDRC consists of 26 cabinet-level departments which form the State Council of the Chinese central government.

The NDRC’s mission is to study and compose economic strategies and polices that can be executed at the local government level.

In 2005, the NDRC published its first catalog, grouping economic sectors into three categories, encourage, restrict or eliminate.

In April, “virtual currency mining, such as the production process of bitcoin” found itself in the eliminate category.

During a press conference on Wednesday, NDRC officials stated they received over 2,500 suggestions on various issues.

The final version of the NDRC catalog omitted any mention of cryptocurrency mining. Currently, China accounts for an estimated 50 percent of bitcoin’s global hashing power.

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