China proposes adding cryptocurrency mining to 'negative list' of industries
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THURSDAY, MAY 26, 2022
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China proposes adding cryptocurrency mining to 'negative list' of industries

Global Economy

Reuters
09 October, 2021, 08:55 pm
Last modified: 09 October, 2021, 09:00 pm

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China proposes adding cryptocurrency mining to 'negative list' of industries

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

Reuters
09 October, 2021, 08:55 pm
Last modified: 09 October, 2021, 09:00 pm
People rest at a park near Beijing's central business area, China August 29, 2017. Picture taken August 29, 2017. REUTERS/Jason Lee
People rest at a park near Beijing's central business area, China August 29, 2017. Picture taken August 29, 2017. REUTERS/Jason Lee

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.

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.

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.

Top News / World+Biz

cryptocurrency / Chinese Economy / Bitcoin / Chinese bitcoin miners

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