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Next Bitcoin rally through China? The country is cracking down on crypto diets

Nächste Bitcoin Rallye durch China? Das Land gibt das Durchgreifen gegen Kryptoäwhrungen auf

Bitcoin China
For the second time in a week, there is positive news for Bitcoin and other Middle Eastern cryptocurrencies.

As it says in a new government document.

This week, the Chinese authorities issued a revised version of the country's “Industrial Structure Adjustment Guide”. No bitcoin mining ban is mentioned.

This is in contrast to the announcements in April. Back then, the country's state planner, the National Development and Reform Commission (NDRC), added Bitcoin Mining to a list of industrial activities that the government wanted to eliminate. The commission announced that it would seek public support to implement the ban.

China has long been trying to control the Bitcoin market in the country

China has long been trying to control the digital assets market. This started in September It was the first time that business activity related to Bitcoin and other cryptocurrencies was curtailed. ICOs have been banned and the crypto trade suspended.

In the year The country also banned public venues from hosting or promoting crypto-related events. Recently, however, this restrictive attitude seems to be easing.

The Standing Committee of National People's Congress in China announced on 326. October announced that on 1 January 2020 a new crypto law will come into force. The revelation occurred amidst a flood of developments related to the acceptance of Blockchain in the country. These included courses on cryptocurrencies such as Bitcoin or Ethereum for teachers in the Middle Kingdom.

According to China's National Congress, the new law will support research and development related to commercial cryptographic technologies. The country also plans to develop a comprehensive and standardized regulatory framework for its markets.

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China is also behind the recent boom of the Bitcoin course

The announcement came just one day after Chinese President Xi Jinping explained in detail how China intends to introduce blockchain technology. We had reported about it. The aim of the measure is to promote globalization and modernization, eliminating inefficiencies in companies. As the world's second largest economy, China is also preparing for the introduction of a government-backed digital currency.

Huang Qifan is vice chairman of China Center for International Economic Exchanges (CCIEE). He recently announced that the People's Bank of China is approaching the introduction of its blockchain-enabled financial technology for SWIFT and the US dollar. That will most likely make China the market leader. It looks like China is the first country in the world to issue a usable digital currency.

Interestingly, a few days ago, the EU also gave rise to speculation that it would like to introduce its own cryptocurrency. This was probably in response to Facebook's announcement from Libra.

Text proof: Dailyhodl, image: Pixaby

Author: Peter Joost – Source Post: http://gestyy.com/w5GbQi

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