It is just a proposal: eliminate Bitcoin and broad cryptocurrency mining in the largest crypto mining nation in the world. Yes, Chinese government is mulling the plan to phase out cryptocurrency mining in China because mining “lacked safe production conditions, seriously wasted resources, polluted the environment”. Do not bank on it, China does make such lists and yet nothing happens. But if they follow through, it could be real paralysis in the Bitcoin world.
Cryptocurrency mining has become the latest target for the Chinese government seeking to phase out industries considered a drag on the country’s economy.
The National Development and Reform Commission (NDRC), the top economic planning agency in the world’s largest market for bitcoin mining, released on Monday a list of sectors it plans to promote, restrict or eliminate. Crypto mining, the process of creating Bitcoin and other digital currencies through the use of computing power, was namechecked alongside a swarm of other sectors the agency wanted to “eliminate” because they “lacked safe production conditions, seriously wasted resources, polluted the environment,” among other issues.
Whether China bans or not, I do think there is still a market for regulated blockchain dapps in this world. Nigeria has opportunities to play a role at the creative side over the consumption part.
In this piece, I explain why Nigeria should work to become a global center for regulated cryptocurrency/blockchain apps. Since the leading nations like U.S. and Germany have refused to regulate these new technologies, Nigeria has an opportunity to lead and enjoy the benefits inherent in them. Whether the world likes it or now, bitcoin or its incarnate under the architecture of blockchain is certain to be part of future commerce. The earlier we understand that and make it legal, the better.