The Chinese government has announced that it will continue to monitor the development of the local bitcoin mining sector. According to an article published on the government-backed website China Education Daily, the government will ramp up monitoring of the sector, helping to ensure the miners are following local laws and regulations.
The Chinese government will continue to monitor the mining sector and will complete the policies related to the management of the sector next year, said an official of the National Development and Reform Commission (NDRC) on Monday. According to a report by the Economic Information Daily (EID), the NDRC official, Xiao Jie, director of the Department of Industry and Information Technology said that the local authorities must comprehensively monitor the development of the mining sector, and will be responsible for the decrease in the operation of the sector.
The Reiterated FUD is that China will continue to monitor the Bitcoin mining sector in the country, with the regulation applying to the industry as a whole. The Ministry of Industry and Information Technology (MIIT) in China has become the seventh agency to extend their oversight to the cryptocurrency mining industry. Blogs are a great way to write for the web. They are easy to set up and allow you to reach a variety of people who will hopefully be interested in your topic. Getting into blogging for your job makes a lot of sense if you have a passion for what you’re writing about. You may not get paid for each blog post you write, but you will be writing about something you are passionate about. When you are. Read more about chinese bitcoin mining companies and let us know what you think.A recent report by China’s State Finance Commission reiterated the country’s stance on bitcoin mining and said it would continue to keep a close eye on the sector. This report follows a Reuters article published three days ago that also reiterated previous warnings from China about the cryptocurrency industry.
Chinese government report mentions bitcoin mining, announcement prompts speculation
On Friday, a report from the 51st Congress. Meeting of the Central Financial and Economic Commission of China, led by the organization’s director Liu He, discussed the mining of cryptocurrencies in the country. Liu He is also the Vice-Premier of the State Council of the People’s Republic of China and of the Politburo of the CPC Central Committee. On Friday morning, regional reporter Colin Wu reported Blockchain also unveiled the meeting and said: This is the first time that an explicit proposal affecting the mining industry has been made at the highest level of the Chinese government. Although many cryptocurrency enthusiasts disagree with Wu’s assessment of the situation. Repeated lies… The law has been around for years, one person responded to Wu’s tweet. This person also pointed to old articles from 2017 that repeated the same talking points as the recent meeting chaired by Liu He. The regional journalist continued his analysis despite the complaints. The consequences of this incident are not yet clear, but it is possible that all mining activities of state-owned enterprises in China will be banned and stock markets will be hit hard, wrote a Chinese journalist. Although the Chinese government has also said it will crack down on bitcoin transactions, it is mainly focusing on another proposal that prevents the transfer of personal risk to society, meaning it is more focused on social stability than personal transactions, Wu wrote in another tweet. The reporter continued: As for the mining restriction, it could be the result of Musk’s recent attack on bitcoin’s energy consumption. Last year, the Chinese government promised the world it would become carbon neutral. Unfortunately, bitcoin mining was the first to be affected.
Bitcoin price falls after viral report from China, cryptocurrency advocates are skeptical of report and say they are missing details
The price of bitcoin (BTC) fell after the announcement went viral on social media and across a number of media outlets. But like the person who was unimpressed with Wu’s report, much of the crypto community thinks this whole China thing is secondary FUD. A Reuters report released three days ago aroused even more skepticism. The title of the report was: China bans financial and payment institutions from trading in cryptocurrencies. This also became a problem for the cryptocurrency community, as people thought a recent Reuters report exaggerated recurring talk. For example, Qiao Wang of Defi Alliance tweeted about the situation after Reuters reported on the ban earlier this week. Three stupid things have happened in the last hour: 1) Reuters writes an inaccurate article about the Chinese ban. 2) People retweet Reuters and believe it. 3) The market crashes on Reuters news. China has not only banned cryptocurrencies. This is a repeat of the anti-speculation law passed years ago, Wang stressed that day. Wang is also skeptical of Friday’s bitcoin mining news, referring to the 51st bitcoin. The meeting of China’s Central Committee on Economy and Finance and Wu’s recent tweets are related. This latest Chinese ban is not very detailed. This is a kind of high-level guidance, Wang said. We will see if there are any concrete measures. It’s different because I don’t recall China ever making a serious attempt to crack down on mining. Pure speculation, he added. What do you think of China’s Central Finance and Economic Commission’s recent update on bitcoin mining? Let us know what you think in the comments below.
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Session, bitcoin, bitcoin (BTC), bitcoin mining, bitcoin mining in China, BTC, China, Chinese mining, Chinese government, Chinese journalist, Colin Wu, suppression, Defi Alliance, Finance Committee, Liu He, BTC mining in China, Qiao Wang, confirmation of deception, Wu Blockchain. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.By now, everyone has heard of Bitcoin. The innovative new virtual currency has grown in popularity and value over the years, and it is safe to say that it will not be going away anytime soon. However, it has been a wild ride for Bitcoin miners, who have seen their profits fluctuate wildly over the years. Even so, the introduction of the controversial Bitcoin Cash hard fork has seen Bitcoin miners in particular struggle to navigate the market, which is now rife with uncertainty.. Read more about china ban crypto mining and let us know what you think.
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