The government reverses plans to outlaw foreign cryptocurrencies
- Chinese officials have removed making Bitcoin and other cryptocurrencies from a list of soon-to-be outlawed industries.
- Cryptocurrency experts believe China is now likely to create its own digital currency.
- This would allow the state both to tighten controls as well as to make China’s digital currency more readily available outside the country.
What this means
Once seen as a threat, many Chinese officials now believe that cryptocurrency mining brings jobs and revenue at a time of slowing growth. According to the New York Times, "President Xi Jinping appears to have warmed to the technology, though Beijing may accept cryptocurrencies only in ways that it can tightly control."