China to Add Cryptocurrency Mining to ‘Negative List for Market Access’ Making the Industry Off-Limits to Investors
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 move by the Chinese government to clamp down on crypto-related 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 jointly released 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 businesses not on the list are open for investment to all market players.
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 investment to all with no approvals required.
The Development and Reform Commission is currently soliciting public opinions regarding the negative list. The seven-day public comment period runs from Oct. 8 to Oct. 14.
China has been actively cracking down on crypto activities, banning crypto mining and trading. Subsequently, crypto exchanges and service providers have been cutting ties with Chinese users.
However, the impact of the Chinese crackdown on global cryptocurrency markets has been minimal. Since the latest crackdown announcement on Sept. 24, the price of bitcoin has risen more than 30%. At the time of writing, the cryptocurrency is trading at $54,214. Privacy activist and whistleblower Edward Snowden recently said that China’s ban “made bitcoin stronger.”
What do you think about China adding cryptocurrency mining to the “Negative List for Market Access” making the industry off-limits to investors? Let us know in the comments section below.
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Author: Kevin Helms