A recent report from the Chinese government’s financial committee has reiterated the country’s stance on bitcoin mining and that it would continue to monitor the sector closely. The report follows a recent article from Reuters published three days ago, which also reiterates China’s older warnings against the crypto industry.
Chinese Government Report Mentions Bitcoin Mining, Announcement Sparks Speculation
On Friday, a report stemming from China’s 51st meeting of the Central Financial and Economic Affairs Commission led by the organization’s director, Liu He, discussed cryptocurrency mining in the country. Liu He is also the vice-premier of the State Council of the People’s Republic of China and the Political Bureau of the CPC Central Committee.
On Friday morning, the regional reporter Colin ‘Wu Blockchain’ also reported on the meeting’s disclosure and said:
This is the first time that the highest level of the Chinese government has clearly proposed a blow to the mining industry.
Although, a great number of crypto enthusiasts disagreed with Wu’s assessment of the situation. “Reiterated fud… Law has been in place for years,” one individual responded to Wu’s tweet. The individual also pointed to older articles from 2017 that reiterated the same talking points as what was said in the recent meeting presided by Liu He.
The regional reporter continued his analysis despite the detractors.
“The impact of this incident is still uncertain, but it is possible that all public mining activities in China will be banned, and exchanges may face severe blows,” the Chinese journalist wrote. “Although Chinese government also stated that it will crack down on bitcoin transactions, it mainly focuses on another sentence ‘preventing the transfer of personal risks to society,’ which means that they pay more attention to social stability rather than personal transactions,” Wu said in another tweet. The journalist…