China Adds Cryptocurrency Mining to its “Negative List for Market Access"

Kavya  |  Oct 9, 2021

China has planned to add cryptocurrency mining to the nation’s recent “Negative List for Market Access". This would make the cryptocurrency mining industry unavailable to investors, as part of the Chinese government's ongoing crackdown on crypto-related activity.

Cryptocurrency Mining Added To Negative List for Market Access

According to a statement made on Friday by China’s National Development and Reform Commission, cryptocurrency mining has been added to the proposed “Negative List for Market Access" for 2021. 

The list was issued jointly by the Commission and the Ministry of Commerce.

The State Council elaborated:

“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.”

The list includes 123 industries. The number of industries on the list has been decreased to 117 in the current edition. 

Industries that are not on the list are accessible to all investors with no permits necessary. 

The Development and Reform Commission is presently collecting public feedback on the bad list. The seven-day public feedback period runs from October 8 through October 14.

Chinese Crypto Crackdown

China has been actively cracking down on crypto activity, prohibiting crypto mining and trade. As a result, cryptocurrency exchanges and service providers have severed connections with Chinese consumers.

However, the Chinese crackdown has had little effect on global Bitcoin markets. Since the latest crackdown announcement on September 24, the price of Bitcoin has surged by more than 30%. 

At the time of writing, the cryptocurrency is worth $54,214. Edward Snowden, a privacy campaigner, and the whistleblower have stated that China's prohibition had "made Bitcoin stronger."

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