169
There may still be a glimmer of hope for the crypto industry in China. Zhejiang, a province in eastern China, has sparked speculation that Bitcoin and other cryptocurrencies may not be completely kicked out. Zhejiang community planner has directed that electricity tariffs for cryptocurrency miners should be hiked.
Crypto may still be legal in China
The notice published by the Provincial Development and Reform Commission (PDRC) of Zhejiang requires that the electricity bill of cryptocurrency miners should be increased by 0.50 yuan (about $0.08) per kilowatt-hour.
Different electricity prices are implemented for virtual currency ‘mining’ electricity, and the price increase standard is 0.50 yuan per kilowatt-hour, the Zhejiang PDRC notice stated.
The notice is an implementation of the directive spelled out by the National Development and Reform Commission (NDRC) in its “Notice on Remediation of Virtual Currency “Mining” Activities” release late last year.
The directive, which has also been implemented in other Chinese provinces including Inner Mongolia and Hainan, is aimed at stifling crypto mining across the country with high electricity bills. But according to Chinese crypto journalist, Colin Wu, it leaves a loophole that can allow crypto to not be outrightly banned under the current Chinese legal system noted.
“This means that the Chinese government is trying to stop cryptocurrency mining with high electricity bills rather than an outright ban, and it means that it may not be illegal to hold bitcoin and mine bitcoin under the existing Chinese legal system,” Wu said.
China and Asia continue to crackdown on crypto
China has a storied history with cryptocurrency bans. Last year, the country implemented a series of regulations targeted at completely driving crypto out from within its borders. However, the country has not let go of the technology completely. China is still working on its central bank digital currency, the digital yen. The country still has interests in blockchain technology as well as Non-Fungible Tokens (NFTs).
Some other Asian countries, including India, have shown interest in taking a cue from China. The deputy governor of India’s central bank, T Rabi Sankar, recently called for a complete ban on cryptocurrencies.
- Trending
- Price Analysis
- Bitcoin Sinks 7% As Russia-Ukraine Tensions Rise; On-Chain Data Remains Bullish
- Ripple Vs SEC: Court To Unseal SEC Memos Publicly Today; Why Wait Is Worth It?
- Despite Bitcoin (BTC) Slipping Under $41,000; Active Users Are Growing
- Morgan Stanley Pinpoints The Advantages Bitcoin Has Over Ethereum
- Just-In: “$2200 Was Likely The Ethereum Bottom” Says Pantera Capital’s Joey Krug
- Shiba Inu Update: Top ETH Wallets Hold Over $2B Worth Of SHIB Tokens Now
- 30 Bitcoin Wallets Blacklisted On The Orders Of The Canadian Government
- Ripple VS SEC: Will SEC Strike A settlement With ETH? XRP Lawyer Drops Hint
- Just-In: $120B Oil and Gas Behemoth ConocoPhillips Joins Bitcoin Mining Business
- Bitcoin And Other Altcoins To Be Accepted For Tax Payment In Colorado
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?
