China proposes adding cryptocurrency mining to ‘negative list’ of industries

China proposes adding cryptocurrency mining to ‘negative list’ of industries

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BEIJING — China has added cryptocurrency mining to a draft checklist of industries through which funding is restricted or prohibited, though it diminished the variety of sectors on the checklist total, a doc launched by the state planner confirmed on Friday.

The “adverse checklist” particulars sectors and industries which can be off-limits to each Chinese language and overseas traders.

Regulators in China banned cryptocurrency buying and selling and mining this yr, with the nation’s central financial institution vowing to purge https://www.reuters.com/world/china/china-central-bank-vows-crackdown-cryptocurrency-trading-2021-09-24 “unlawful” cryptocurrency actions final month. The crackdown has prompted cryptocurrency exchanges to chop ties https://www.reuters.com/know-how/cryptocurrency-exchanges-rush-cut-ties-with-chinese-users-after-fresh-crackdown-2021-09-27 with Chinese language customers.

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China additionally has been tightening management over public discourse, cracking down on present enterprise https://www.reuters.com/world/china/china-radio-tv-body-strengthen-regulation-cultural-programs-salaries-2021-09-02 for “polluting” society and asking cell browsers https://www.reuters.com/article/us-china-censorship-browsers-idUSKBN27B1Z3 to get rid of the spreading of rumors, using sensationalist headlines and the publishing of content material that violates the core values of socialism.

The state planner mentioned it was halting the funding of “personal” capital into quite a lot of publishing actions, together with stay broadcasts, news-gathering, modifying and broadcasting entities and the operation of stories.

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Personal capital can’t be concerned within the introduction of stories launched by abroad entities or summits and award choice actions within the discipline of stories and public opinion, the NDRC added.

The draft 2021 checklist of industries through which funding is both restricted or prohibited has been lower to 117, the Nationwide Growth and Reform Fee mentioned, down from 123 in 2020.

Industries not on the checklist are open for funding to all with no approvals required. (Reporting by Colin Qian in Beijing and Twinnie Siu in Hong Kong; reporting by Engen Tham in Shanghai; Modifying by Toby Chopra and William Mallard)

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