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.
A banner (designed by artists Stacey Coon, Anastasia Sultzer, and Nanu Berks) with the logo of bitcoin is seen during the crypto-currency conference Bitcoin 2021 Convention at the Mana Convention Center in Miami, Florida, on June 4, 2021. The mention[s] appearing in the metadata of this photo by Marco BELLO has been modified in AFP systems adding the credit of the artists.
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'
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.
The State Council of China further explained that the "negative list" states which "sectors, fields, and businesses" are either restricted or prohibited from investors.
However, the State Council clarified that other industries or firms outside the said list will remain open for all investors sans any prohibitions.
Bitcoin.com further reported that the Development and Reform Commission is still waiting for the opinion of the general public with regards to the latest "negative list."
The solicitation for the public opinion will last for a week, which spans from Oct. 8 to Oct. 14.
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China vs. Crypto
Although China's prevailing crackdown against cryptos has been affecting the uptrend of its prices, the digital coin is still benefiting from it.
Elon Musk previously said that the top crypto, Bitcoin, transitioned to more clean energy use for mining due to the China crackdown.
The billionaire further claimed that the green mining of Bitcoin is "most likely at or above 50%" last July 22.
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Written by Teejay Boris
