China has proposed adding cryptocurrency mining to the country’s latest “Negative List for Market Access.” This will make cryptocurrency mining an industry that is off-limits to investors, another relocation by the Chinese federal government to secure down on crypto-associated activities.
China’s Negative List of Industries to Include Cryptocurrency Mining
Cryptocurrency mining has been added to the 2021 draft “Negative List for Market Access,” according to an announcement on Friday by China’s National Development and Reform Commission, the state planner. The list was collectively launched by the Commission and the Ministry of Commerce.
The State Council explained:
The negative list for market access outlines sectors, fields, and businesses off-limits for investors. Industries, fields, and organizations not on the list are open for financial investment to all market gamers.
The list consists of 123 industries in 2020. The number of industries on the list has been reduced to 117 in the current version. Industries not on the list are open for financial investment to all without any approvals needed.
The Development and Reform Commission is currently soliciting public opinions regarding the negative list. The seven-day public remark duration ranges from Oct. 8 to Oct. 14.
China has been actively cracking down on crypto activities, banning crypto mining and trading. Subsequently, crypto exchanges and company have actually been cutting ties with Chinese users.
However, the impact of the Chinese crackdown on global cryptocurrency markets has been minimal. Since the newest crackdown statement on Sept. 24, the rate of bitcoin has actually increased more than 30%. At the time of writing, the cryptocurrency is trading at $54,214. Privacy activist and whistleblower Edward Snowden just recently stated that China’s restriction “made bitcoin stronger.”
