Now, China mulls adding crypto mining to ‘negative list’ of industries

October 10, 2021 03:26 PM AEDT | By Ashish

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Now, China mulls adding crypto mining to ‘negative list’ of industries — Image source: © Aoutphoto | Megapixl.com

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Highlights

China has added cryptocurrency mining to list of industries with restricted or prohibited mining.

The ‘negative list’ includes industries that are not available for Chinese or foreign investors for investing purposes.

However, China has lowered the total number of industries on the list.

China has added cryptocurrency mining to list of industries with restricted or prohibited mining. The ‘negative list’ includes industries that are not available for Chinese or foreign investors for investing purposes. However, China has lowered the total number of industries on the list. The document was released by the state planner on Friday.

In 2021, the Chinese regulators have banned trading and mining in cryptocurrency. The Chinese central bank also vowed to purge “illegal” cryptocurrency activities in September.

Now, China mulls adding crypto mining to ‘negative list’ of industries

China's most powerful regulators have recently intensified a crackdown on cryptocurrencies. The government will "resolutely clamp down on virtual currency speculation, and related financial activities and misbehaviour in order to safeguard people's properties and maintain economic, financial and social order," the People’s Bank of China (PBOC) had said in a statement on its official website.

The government has also cracked down on show business for “polluting” society and asking mobile browsers to eliminate the spreading of rumors, the use of sensationalist headlines and the publishing of content that violates the core values of socialism.

On 16 February, bitcoin broke past the US$50,000 level.

Source: © Josefkubes | Megapixl.com

Meanwhile, a few of the world's biggest crypto exchanges originated in China. However, the Chinese authorities have come to see cryptocurrencies as speculative instruments lacking in intrinsic value, prone to acute price moves and a means to circumvent capital controls. The local authorities have instead thrown their weight behind the development of an official digital currency.

After a stellar run through the week, bitcoin surged 25%, saw a minor slip in valuation on Friday plunging 2.84%. Bitcoin's rapid rise this week halted well short of its all-time high of approximately US$65,000.

On 16 February, bitcoin broke past the US$50,000 level. In April, bitcoin had set a record of nearly US$65,000.

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