The backward steps in China are contrary to the April announcement that the country's state planner, the National Development and Reform Commission (NDRC), added Bitcoin mining to its list of industrial activities. The agency said it would get public approval to implement the ban.
China Since September 2017 trying to control the crypto market, dealing with Bitcoin and crypto money They banned. In this, they banned the ICOs and closed crypto trading.
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Later, in 2018, China restricted the support of crypto-related content on social media platforms such as WeChat, and forbade public places to host or promote crypto-related events.
Recently, however, this restrictive attitude looks softened. On October 26, the Standing Committee of the 13th National People's Congress in China was held on January 1, 2020. of a new crypto law announced the entry into force.
China’s national congress said the new law would support research and development on blockchain technologies. The country also plans to develop a comprehensive and standard regulatory framework for the crypto market.
The announcement came a day after Chinese President Xi Jinping planned how to use blockchain technology to cope with China's inadequacies of globalization, modernization and operation. China, the world's second largest economy, a state-supported crypto currency also preparing for the launch.
Huang Qifan, vice president of the China International Center for Economic Change (CCIEE), recently said that the People's Bank of China has become closer to launching blockchain-based financial technology targeting SWIFT and the US dollar, and is likely to be China's first crypto currency. He explained.