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China admits it made a mistake in banning mining

China admits it made a mistake in banning mining

While China's central bank made mining and all cryptocurrency transactions illegal last September, China admits it was a mistake and is now seeking to lift the ban. 

After analyzing the investment inflows to Kazakhstan, the U.S., and Canada due to the migration of all mining companies, the People's Republic of China is now signaling to the public that it would like to include mining back among the permitted activities. 

China's National Development and Reform Commission says it has agreed to consider public opinion regarding the return of mining farms to China. For this purpose, it is now ready for public dialogue and suggestions from entrepreneurs and businesses.

Such a decision clearly points to the failure in the war between the Chinese Communist Party and the mining companies, which moved their data centers to other countries and neighboring Kazakhstan to continue their activities. The investment outflow, the loss of specialists in the entire industry, and the reduction of tax payments to the budget eventually made even the most furious mining opponents in the Chinese government think twice.

The public dialogue will conclude on November 21, after which a package of proposals will be formed for those mining companies that have left the PRC.

But will they want to return? There is no answer to that question yet.

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