First they ban it, then they don't, then they ban it, then they don't...
That has been the trend of China since 2010 for just about all things crypto.
Roughly 6 months ago China drafted a proposal that would ban bitcoin mining in the country.
Then a few weeks ago the president of China started talking about embracing blockchain technology, though bitcoin was never mentioned specifically.
Then yesterday, banning bitcoin was left off of the revised draft when it was released.
Hmm....
(Source: https://www.youtube.com/)
This is a very China thing to do.
My question now is...
What comes next?
The cryptocurrency trading/exchange ban lifted as well?
I wouldn't go that far yet, but they certainly seem to be moving much more towards embracing crypto than where they have been over the past few years.
In fact, this type of thing is exactly what many suspected they were doing in the first place...
Ban it until you can get a handle on the industry (and build your own), then slowly open it back up with appropriate regulations.
That sounds a lot like what they are doing.
The latest report can be seen here:
https://www.coindesk.com/chinese-agency-scraps-plan-to-eliminate-bitcoin-mining-industry
Stay informed my friends.
Image Source:
-Doc
