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

China proposes adding cryptocurrency mining to 'negative list' of industries
China proposes adding cryptocurrency mining to 'negative list' of industries   -   Copyright  Thomson Reuters 2021
By Reuters

BEIJING -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 https://www.reuters.com/world/china/china-central-bank-vows-crackdown-cryptocurrency-trading-2021-09-24 “illegal” cryptocurrency activities last month. The crackdown has prompted cryptocurrency exchanges to cut ties https://www.reuters.com/technology/cryptocurrency-exchanges-rush-cut-ties-with-chinese-users-after-fresh-crackdown-2021-09-27 with Chinese users.

China also has been tightening control over public discourse, cracking down on show business https://www.reuters.com/world/china/china-radio-tv-body-strengthen-regulation-cultural-programmes-salaries-2021-09-02 for “polluting” society and asking mobile browsers https://www.reuters.com/article/us-china-censorship-browsers-idUSKBN27B1Z3 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.