The Nationwide Growth and Reform Fee is asking the Chinese language public for his or her opinion on the Bitcoin mining ban. Is China’s authorities enjoying 4D chess or are they confused and contemplating backtracking their determination? Can they unring this specific bell or is that this a too little too late state of affairs? Do they actually care about what most of the people thinks or is that this survey only for the optics?
Because it normally occurs with the Chinese language authorities’s actions, they go away extra questions than solutions. Nonetheless, let’s unpack the data obtainable and see what Twitter thinks concerning the state of affairs.
To start with, the official announcement says:
“In accordance with the related work preparations for the rectification of digital foreign money “mining” actions, the Nationwide Growth and Reform Fee and related departments have revised the “Industrial Construction Adjustment Steerage Catalog (2019 Version)”, and now solicit opinions from the general public.”
So, they’re contemplating “rectification of digital foreign money “mining” actions,” by which they imply the Bitcoin mining ban. And by “the general public,” they imply “Related models and folks from all walks of life can present suggestions.”
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Is China Really Contemplating Lifting The Bitcoin Mining Ban?
Opinions differ. Nonetheless, based on Three Arrows Capital’s Su Zhu, that’s precisely what’s taking place.
China searching for public solicitation of feedback concerning un-banning crypto mining 🧐https://t.co/g1wyUdORTt pic.twitter.com/qyRQyTBgcn
— Zhu Su 🔺 (@zhusu) October 25, 2021
Individuals within the replies aren’t satisfied. They theorize that the Chinese language authorities is simply making an attempt to create a database of individuals in favor of Bitcoin mining, or that they’re simply fascinated by lifting the Bitcoin mining ban to allow them to ban it once more on the following cycle. Others doubt the miners will return or that new mining operations will pop up. A couple of, although, suppose that the Chinese language authorities realized they made a trillion-dollar mistake.
Chinese language journalist Colin Wu, nevertheless, sees the information from one other angle. “It is just not un-banning. Quite the opposite, its content material is to jot down crypto mining into an trade that should be eradicated.”
In fact, many miners are making feedback, however when it comes to the present Chinese language authorities’s sturdy opposition to Bitcoin mining, these feedback are more likely to be meaningless.
— Wu Blockchain (@WuBlockchain) October 25, 2021
And he hyperlinks to a .pdf that says the same thing as the unique doc, however in a distinct tone altogether:
“Within the “Industrial Construction Adjustment Steerage Catalogue (2019 Version)”, the elimination class “I. Merchandise 7 is added to “Outdated manufacturing know-how and tools” and “(18) Others”, and the content material is “digital quasi-currency’mining’ exercise.”
The phrases “Outdated manufacturing know-how” and “Digital quasi-currency’mining‘” hit totally different and inform one other story concerning the Bitcoin mining ban. Wu finishes by saying that “when it comes to the present Chinese language authorities’s sturdy opposition to Bitcoin mining, these feedback are more likely to be meaningless.”
Conclusions And Hypothesis
Tick-tock subsequent block. China’s Bitcoin mining ban was a blip on the radar. The community saved operating as normal and, a couple of months later, Bitcoin’s hashrate recovered. We at NewsBTC have been making an attempt to determine the logic behind the Chinese language authorities’s strikes concerning Bitcoin. Unsuccessfully. We appeared into the brand new “China Mannequin” and the small hydropower stations query, questioned concerning the waning of their hashrate dominance, and appeared intently into the now-defunct trade.
Though it looks as if a logical idea, we don’t know if the Chinese language authorities is simply clearing out the competitors for his or her future CBDC. We aren’t positive if this entire operation is a part of an even bigger one that’s making an attempt to manage the entire Chinese language billionaires. Or in the event that they’re simply asserting their dominance and exhibiting everybody who’s the boss. We simply know that the Bitcoin mining ban may be the largest mistake of the century. And we’re not even speaking concerning the trillions in fiat foreign money that the nation is dropping.
The Chinese language are banning themselves from participation within the successful open community, from interplay with the largest thought of the century, from proudly owning a chunk of the pristine asset that can change the world for the most effective.
Did they notice all of this and are gearing up for a change of thoughts?
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