China to Add Cryptocurrency Mining to ‘Negative List for Market Access’ Making the Industry Off-Limits to Investors

China has proposed including cryptocurrency mining to the rustic’s newest “Unfavourable Checklist for Marketplace Get right of entry to.” This may increasingly make cryptocurrency mining an trade this is off-limits to traders, any other transfer by means of the Chinese language govt to clamp down on crypto-related actions.

China’s Unfavourable Checklist of Industries to Come with Cryptocurrency Mining

Cryptocurrency mining has been added to the 2021 draft “Unfavourable Checklist for Marketplace Get right of entry to,” in step with a statement on Friday by means of China’s Nationwide Building and Reform Fee, the state planner. The checklist used to be collectively launched by means of the Fee and the Ministry of Trade.

The State Council defined:

The unfavourable checklist for marketplace get entry to outlines sectors, fields, and companies off-limits for traders. Industries, fields, and companies no longer at the checklist are open for funding to all marketplace gamers.

The checklist is composed of 123 industries in 2020. The selection of industries at the checklist has been decreased to 117 within the present model. Industries no longer at the checklist are open for funding to all without a approvals required.

The Building and Reform Fee is lately soliciting public evaluations in regards to the unfavourable checklist. The seven-day public remark duration runs from Oct. eight to Oct. 14.

China has been actively cracking down on crypto actions, banning crypto mining and buying and selling. Therefore, crypto exchanges and repair suppliers had been slicing ties with Chinese language customers.

Alternatively, the have an effect on of the Chinese language crackdown on world cryptocurrency markets has been minimum. Since the most recent crackdown announcement on Sept. 24, the cost of bitcoin has risen greater than 30%. On the time of writing, the cryptocurrency is buying and selling at $54,214. Privateness activist and whistleblower Edward Snowden just lately stated that China’s ban “made bitcoin more potent.”

What do you take into consideration China including cryptocurrency mining to the “Unfavourable Checklist for Marketplace Get right of entry to” making the trade off-limits to traders? Tell us within the feedback phase underneath.

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