Crypto mining is now being proposed to be added to China’s “Negative List," which prohibits not just Chinese investors, but even foreign investors from being involved with the included industries.
As per Channel News Asia’s latest report, China has been going after both cryptocurrency mining and trading in 2021. As such, the Asian nation has already banned both activities, along with the move of its central bank to declare all crypto transactions as illegal.
China’s staunch war against cryptos has been crashing its volatile prices whenever the country denounces activities related to it.
For instance, its announcement to crackdown both trading and mining last June 21 made an impact on the international stage as it has plunged down the prices of the top cryptos.
What’s more, last Sept. 24, the Central Bank of China also took another swipe at the digital currency, calling all related transactions “illegal.”
In turn, the prices of top coins, such as Bitcoin, XRP, and Ethereum immediately faced a 10% cut. On top of that, even the stock prices of companies involved in crypto trading figured in a steep slump.
China Mining Proposed To Be Added to China’s ‘Negative List’
https://www.cnbc.com/2021/10/09/china-proposes-adding-cryptocurrency-mining-to-negative-list-of-industries.html
According to CNBC, China has already drafted its list of industries wherein investors will be prohibited to engage with, which includes crypto mining.
The document of the proposal was released on Oct. 8, Friday, showing fewer included industries than last year's counterpart.
China’s Negative List
The draft of the negative list for 2021 only included 117 industries, China's National Development and Reform Commission said in a statement. It is to note that it is a slight decrease from the 2020 list with 123 industries in total.
Crypto mining proposed to be added in China’s “Negative List,” which prohibits both Chinese and foreign investors from participating in.
