Major policy adjustment! The National Development and Reform Commission removed "virtual currency mining" from the "eliminate industries" list

On the morning of November 6, the Chinese government website released the "Guidelines for Industrial Structure Adjustment (2019 Edition)", which has been reviewed and approved at the 2nd Commission Meeting on August 27, 2019, and is now announced and will be implemented on January 1, 2020. The "Guidelines for Industrial Structure Adjustment (2011 Edition) (Revised)" will be abolished at the same time.

After careful review, the author discovered that in the first draft for comments, "virtual currency mining", which was in the process of being eliminated, was deleted!

This is the previous draft for comments:

This is the official draft:

According to the regulations, the obsolete categories mainly include backward processes, technologies, equipment and products that do not comply with relevant laws and regulations, do not meet safety production conditions, seriously waste resources and pollute the environment, and need to be eliminated . In the previous draft for comments, "virtual currency mining" was an item without an elimination deadline or elimination plan, but it was an item that had been clearly ordered to be eliminated or eliminated immediately by national industrial policy.

In fact, the mining industry has the following benefits for the Chinese economy:

1: Make full use of waste electricity, especially the waste electricity in Sichuan and Yunnan during the flood season.

2: The core of the mining machine is the chip, which promotes the development of China's chip industry.

3: Improve regional economy and people’s income, especially the economy of those energy-rich and economically backward regions

Of course, there are also some drawbacks in the eyes of the government.

1: During the non-flood season, thermal power is used in Xinjiang, Inner Mongolia and other regions, polluting the environment.

2: Produce Bitcoin and promote virtual currency.

Previously, the Chinese government did not publicly oppose mining, but it also issued multiple documents internally. On January 2, 2018, the Internet Finance Risk Special Rectification Office Leading Group (hereinafter referred to as the Internet Finance Rectification Office) issued a document requiring local governments to guide enterprises within their jurisdiction to orderly withdraw from the "mining" business and regularly report on the progress of the work. After the NDRC's draft for soliciting opinions listed it as an eliminated industry, local governments began to clear out mining sites.

Who would have thought that the policy would make a 360-degree turn? But it is not necessarily related to the Politburo's collective study of blockchain, because the time interval is too close!

This policy adjustment has far-reaching impacts. Bitmain, Canaan, Shenma and other companies will usher in major benefits. If Bitmain can solve its internal problems, it will also be a major boon to its listing. China's blockchain and chip industries may also benefit greatly from this.

The NDRC's exclusion of it from the eliminated industries is undoubtedly a huge benefit to the mining industry! However, Lao Wu also advises friends in the mining industry to first remember to market in a high-profile manner like Justin Sun; second, take out the money, do more charity work for poverty alleviation, do more work on AI and blockchain technology, and actively move closer to the government; third, leading companies such as Bitmain need to take the lead in actively communicating with the government, follow the above-mentioned three good and two bad, seek benefits and avoid harm, and guide the industry.

But we also need to be alert. The previous ban on mining came from the Internet Finance Regulation Office headed by the central bank; this deletion and elimination came from the National Development and Reform Commission. The former is conservative from a financial perspective, while the latter is open from the perspective of the real industry, economy and people's livelihood. Whether the different attitudes of the two will conflict depends on the attitudes of decision makers at a higher level.

Mining companies, hurry up! It’s not time to cheer yet.

Source: Wu Says Blockchain "Official Account