China continues going against cryptocurrency space. Especially with recent proposal to add cryptocurrency mining to the country’s latest “Negative List for Market Access.” Notably, This will make cryptocurrency mining off-limits to investors. Meanwhile, this is just another move by the Chinese government to crackdown crypto-related activities.
China Includes Crypto Mining To Negative List
According to a Friday announcement by China’s National Development and Reform Commission. China adds crypto mining to its 2021 draft “Negative List for Market Access,”.
More so, The list release is in collaboration with the Commission and the Ministry of Commerce.
The State Council explains,
“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.”
Also, The list includes 123 industries in 2020, while the number of industries on the list is down to 117 in the current version.
Additionally, Industries not on the list are open for investment to all with no approvals required.
The Development and Reform Commission is currently asking for public opinions on the negative list. Which of course, will run for seven-day from Oct. 8 to Oct. 14.
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China is always cracking down on crypto activities, from banning crypto mining to trading. Consequentially, crypto exchanges and service providers is cutting ties with Chinese users.
Conclusively, the China impact om global cryptocurrency market is minimal. The last crackdown announcement on Sept. 24 only sees the price of bitcoin rising more than 30%.
Currently, the cryptocurrency is trading at $54,699. Meanwhile, Privacy activist and whistleblower Edward Snowden explains that China’s ban “made bitcoin stronger.”
