China was one of the first countries to put forth their doubts about the future of the cryptocurrencies. After blocking the ICOs, the government also banned cryptoexchanges and now they plan to stop Bitcoin mining altogether. However, amidst all this, some reports suggest that Renminbi, the official currency of China is set to become a cryptocurrency. Donal Tapscott, Executive Chairman of the Blockchain Research Institute said that official Chinese currency Renminbi shall go on to become cryptocurrency. In the interview, he also said that he had a meeting with the vice chairman of the Communist party in China who said that cryptocurrency would play an important role in shaping up the country.
"It is not very important to ban exchanges and mining because we are not going to use the cryptocurrencies in China. Chinese people could now only use RMB which will now become a virtual currency."
Despite the fact that the nation is one of the main players in the Bitcoin showcase as most of the greatest Bitcoin pools are overseen by neighborhood Chinese associations. Starting at 2018, Crypto mining administrator, Bitmain which works 11 mining homesteads in China will be very influenced by the NDRC's arrangements.
Chinese specialists are talking about various approaches to boycott Cryptocurrency mining. The National Development and Reform Commission (NDRC) has just included crypto mining in its overhauled rundown of enterprises exercises. The office likewise needs to close the movement as they need safe generation conditions, contaminated condition, and squandered assets.