November 6, 2019 China reverses plans to eliminate territorial crypto mining and reveals details on digital yuan.

The National Development and Reform Commission (NDCR), the agency overseeing macroeconomic policies, updated and published its list of industries the country is advised to encourage, restrict or eliminate, removing crypto mining from an earlier draft’s proposed eliminate column. Separately the head of the People’s Bank of China’s digital currency research institute, Mu Changnchun, revealed at a Hong Kong forum that the digital yuan will not confer holders interest payments, rather is designed to substitute existing coins and paper money. Additionally, the first digital yuan issued will go to commercial banks and similar institutions, who are expected to resend the currency to the general public.

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