Expert Believes China’s Attitude towards Crypto will Not Change in Short Term
According to the resource person, the Chinese government’s stand towards crypto can not review modifications importantly in the short period.
Ivan PlantoNov, an expert Chinese-led international data supplier and investment trial firm, Equalocean, Told Cointelegraph on April 29 that he does not predict the Chinese government to revise it’s an aspect regarding cryptocurrencies too quickly.
He experienced the view of his company :
“We don’t think that China’s attitude toward cryptocurrencies can change significantly in the short term. At the moment, the country is mostly emphasizing industrial and business applications of DLT. “
Chinese Government Opens The Door for Crypto Mining
Still, PlantoNov affirmed that the latest steps taken by Chinese officials are ” probably the first time since 2018 when the local administration directly supports blockchain mining during high-flow seasons.”
He confirmed that the review was practiced by Chinese President Xi Jing Pings call for the nation to accelerate the adoption of blockchain technology:
“After the October announcement, which put forward blockchain as a national focus of innovation, the technology has been penetrating different layers of the Chinese government.”
PlantoNov expressed that Sichuan “has been a mining powerhouse for years”. He states that the area is financially backward, but has plenty of natural resources. Because of this, he accepts crypto mining to be a big chance for the province:
“Mining is somewhat of a ‘gold mine’ opportunity they don’t want to miss. Now, under the blockchain-friendly climate provided by the central government, the pain points in the field are expected to be solved and the market is likely to be expanding gradually.”
Previously, while PlantoNov, agreed that mining is purely an action of blockchain technology, he believes it will still see a variance with the local management over the next few years :
“As the two (blockchain technology and mining) always go hand-in-hand, the sphere is projected to remain vulnerable over the next few years, with a certain amount of conflicts around this issue.”
China is the main player in the cryptocurrency mining industry, a late 2019 report cleared that Chinese Bitcoin miners at the time were liable for as much 66% of the global hash rate with 54% Sichuan.
