China Adds Cryptocurrency Mining to 'Negative’ Industries Draft List to Ban Investments

Crypto mining to join "negative list" that details sectors and industries that are off-limits to both Chinese and foreign investors.

By Reuters | Updated: 9 October 2021 13:51 IST

China Adds Cryptocurrency Mining to 'Negative’ Industries Draft List to Ban Investments

Photo Credit: Reuters

China's central bank was vowing to purge "illegal" cryptocurrency activities last month

Highlights

China has added cryptocurrency mining to its "negative" industries list
The draft list of industries has been cut to 117 from 123 in 2020
Chinese regulators banned cryptocurrency trading, mining this year

China has added cryptocurrency mining to a draft list of industries in which investment is restricted or prohibited, although it reduced the number of sectors on the list overall, a document released by the state planner showed on Friday.

The "negative list" details sectors and industries that are off-limits to both Chinese and foreign investors.

Regulators in China banned cryptocurrency trading and mining this year, with the country's central bank vowing to purge "illegal" cryptocurrency activities last month. The crackdown has prompted cryptocurrency exchanges to cut ties with Chinese users.

Elon Musk Says Cryptocurrencies Can’t be Destroyed, Growth Can Be Curbed

China also has been tightening control over public discourse, cracking down on show business for "polluting" society and asking mobile browsers to eliminate the spreading of rumours, the use of sensationalist headlines and the publishing of content that violates the core values of socialism.

The state planner said it was halting the investment of "non-public" capital into a variety of publishing activities, including live broadcasts, news-gathering, editing and broadcasting entities and the operation of news.

Non-public capital cannot be involved in the introduction of news released by overseas entities or summits and award selection activities in the field of news and public opinion, the NDRC added.

Top Global Bitcoin Mining Machine Maker May Pull Shutters Down on China Sales

The draft 2021 list of industries in which investment is either restricted or prohibited has been cut to 117, the National Development and Reform Commission said, down from 123 in 2020.

Industries not on the list are open for investment to all with no approvals required.

Bitcoin Became Stronger After China’s Crypto Crackdown: Edward Snowden

© Thomson Reuters 2021

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.