China has proposed adding cryptocurrency mining to the country’s latest “negative market access list.” This will make cryptocurrency mining a no-go industry for investors, which is another move by the Chinese government to clamp down on crypto-related activities.
China Negative List of Industries That Will Include Cryptocurrency Mining
Cryptocurrency mining has been added to the draft 2021 “negative list of market access,” according to an announcement Friday by the China National Development and Reform Commission, the state scheme. The list was issued jointly by the Committee and the Ministry of Commerce.
The State Council explained:
The Market Access Negative List identifies the sectors, fields, and companies to which investors are prohibited from accessing. Industries, fields and companies not on the list are open to investment for all market players.
The list consists of 123 industries in 2020. The number of industries included in the list has been reduced to 117 in the current version. Industries not included in the list are open for investment to all without the need for approvals.
The Development and Reform Commission is currently soliciting public opinions on the negative list. The seven-day public comment period runs from October 8 to October 14.
China is actively cracking down on crypto activities, banning cryptocurrency mining and trading. Subsequently, service providers and cryptocurrency exchanges cut ties with Chinese users.
However, the impact of the Chinese crackdown on the global cryptocurrency markets has been minimal. Since the last campaign announcement on September 24, the price of Bitcoin has increased by more than 30%. At the time of writing, the cryptocurrency is trading at $54,214. Privacy activist and whistleblower Edward Snowden recently said that the Chinese ban “has made bitcoin stronger.”
What do you think about China adding cryptocurrency mining to its “negative market access list” making the industry off-limits to investors? Let us know in the comments section below.
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