China wants to add cryptocurrency mining to its ‘negative list’ of industries.




Chinese authorities have added cryptocurrency mining to a draught list of businesses in which foreign investment is limited or barred, despite the fact that the overall number of sectors on the list has been lowered, according to a document released by the state planner on Thursday. The so-called “negative list” “sectors and businesses that are off-limits to both Chinese and foreign investment are detailed in the report

China’s regulators outlawed cryptocurrency trading and mining earlier this year, with the country’s central bank pledging to cleanse “illegal” cryptocurrency exchanges and miners “The cryptocurrency market had a busy month last month. As a result of the crackdown, cryptocurrency exchanges have severed ties with Chinese customers.

China has also been tightening control over public discourse, particularly with regard to show business, which has been accused of “polluting” the public sphere “society and requesting that mobile browsers prohibit the spread of rumours, the use of sensationalist headlines, and the publication of content that contravenes the fundamental principles of socialism.

The state planner stated that it was putting a halt to “non-public” investment “in a variety of publication operations, including live broadcasts and news collection, editing and broadcasting entities as well as the operation of news organisations

In addition, non-public capital cannot be involved in the introduction of news released by foreign organisations, as well as summits and award selection activities in the field of news and public opinion, according to the National Development and Reform Commission.

 

In a statement, the National Development and Reform Commission stated that the draught 2021 list of industries in which investment is either limited or prohibited has been reduced to 117 from 123 in the previous year’s draught.

Industries that are not included on the list are open to investment by anybody, and no approvals are necessary.

The Chinese government wants to include bitcoin mining investments on a “bad list.”

In 2020, there were 123 industries on the “worst of the worst” list. Today, there are just 117.

According to a document released on Friday by China’s State Planning Commission, the country has added cryptocurrency mining to a list of enterprises where investment is restricted or barred while also reducing the total number of sectors on the list.

The so-called “negative list” identifies industries and businesses that are off-limits to both Chinese and foreign investment.

Cryptocurrency trading and mining have been banned in China by officials this year, with the central bank vowing last month to end “illegal” cryptocurrency activity. Cryptocurrency exchanges have cut ties with Chinese users because of the crackdown.

As reported by the National Development and Reform Commission, the Drought 2021 industry list has been lowered from 123 in 2020 to 117 industries where investment is either limited or prohibited.

Non-listed industries are available to all investors and require no special permission.




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