Throughout this week, false reports about the mining of Bitcoin have made their appearance. However, local sources have revealed that the mining of crypto-currencies has not yet been the subject of an official ban of the regulatory authorities in china.
A circular premature
Initially, the Sichuan Electric Power Company (SEPC) has published a circular to a non-confirmed stating that the use of electricity for the mining of Bitcoin is illegal. Caijing, a local newspaper, independent information based in Beijing, reported the first of this circular. It was followed then by other media. CnLedger, a reliable source of information on the chinese market of crypto-currencies, has quickly denied this information. In fact, the UPCE has admitted to having committed several errors and have included the unverified assertions in its circular. “The director of this company said that they have made errors in the statement, because they are not an administrative department of the government, and have no right to determine if the mining of Bitcoin is illegal,” wrote CnLedger.
The chinese government leaves the door open to the mining of Bitcoin
According to the electricity company of the county of Sichuan, the company has published an opinion in which it explained explicitly that the extraction of Bitcoin was an illegal activity. But, an officer of the company said that the circular was released in haste and that the company is not able to prohibit or restrict the mining of Bitcoin. More importantly, Caixin, a publication of business and financial information belonging to the State, revealed that the government did not intend to prohibit the mining of Bitcoin or any activity related to the mining of crypto-currency for the time being.
In sum, a circular premature and not verified by an operator of the network has led to a series of false information on the legality of the mining of crypto-currency. Until now, the government and the State-run press have clearly demonstrated that the country had no intention of prohibiting the mining of Bitcoin. In addition, several analysts predict that in the coming months, the chinese government will provide the regulatory frameworks around the trading and mining of crypto-currency.
Source : News.Bitcoin