China To Add Cryptocurrency Mining To ‘Negative List For Market Access’ Making Industry Banned From Investors – Bitcoin News

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China has proposed adding cryptocurrency mining to the country’s latest “negative market access list”. This will make cryptocurrency mining a no-go industry for investors, another step the Chinese government has taken to crack down on crypto-related activities.

The negative list of Chinese industries to include cryptocurrency mining

Cryptocurrency mining has been added to the 2021 draft “Negative List for Market Access,” according to an announcement made on Friday by China’s National Development and Reform Commission, the planner of China. State. The list was published jointly by the Commission and the Ministry of Commerce.

The State Council explained:

The negative list for market access describes the sectors, areas and companies that are prohibited for investors. Industries, fields and companies that are not on the list are open to investment for all market players.

The list includes 123 industries in 2020. The number of industries on the list has been reduced to 117 in the current version. Industries that are not on the list are open for investment to anyone without any approval required.

The Development and Reform Commission is currently seeking public opinion on the negative list. The seven-day public comment period runs from October 8 to 14.

China has actively cracked down on crypto activity, banning crypto mining and trading. Crypto exchanges and service providers subsequently cut ties with Chinese users.

However, the impact of the Chinese crackdown on global cryptocurrency markets has been minimal. Since the last crackdown on September 24, the price of bitcoin has risen by more than 30%. At the time of writing, the cryptocurrency is trading at $ 54,214. Edward Snowden, privacy activist and whistleblower, recently said China’s ban “makes bitcoin stronger.”

What do you think of China’s addition of cryptocurrency mining to the “Negative List for Market Access” making the industry banned from investors? Let us know in the comments section below.

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