China has previously officially banned cryptocurrency mining in the country and despite making mining illegal, some choose it, which is why it has added cryptocurrency mining to its “negative list” of industries.
Which means that investors are no longer able to invest in the crypto mining sector, as a document issued by two national authorities carried this news, according to an article by the agency. Reuters Friday 8 october 2021.
Negative List and Market Access
China's state scheme made the announcement on Friday, which included a "negative list" market access project for the year 2021.
This list highlights sectors and industries beyond the borders of both domestic and foreign investors in China. The State Council explained:
“The market access negative list identifies all of the sectors, fields and companies that are inaccessible to investors.
As for industries, fields and businesses not included in the list, they are open for investment to all market players.”
According to the document, investments in these sectors on the list could negatively affect national security, public interest and the environment in China.
Cryptocurrency mining is one of the 117 An industry that is either restricted or prohibited by this list.
Where the National Development and Reform Commission stated, that the total decreased from 123 Industry Listed Year 2020.
The Committee is also currently seeking public views on the negative list, whereby the public can submit its reports from 8 to me 14 October 2021. Many are waiting to see if their opinion has any bearing on the final list.
crypto campaign in china
The Chinese government officially banned crypto trading in 2019, although it persisted online through foreign exchanges.
However, there were major crackdowns this year, which caused investors and exchanges to start withdrawing, and the Chinese crackdown hit the mining industry.
The country was one of the highest mining centers in the world due to low electricity costs and cheap computers.
It was acquired in September 2019, On 75% of energy use Bitcoin in the world, while by April 2021, it fell to 46%.
Hassat in the Chinese state in May also warned buyers that there would be no protection to continue trading. Bitcoin and other online currencies, with government officials vowing to increase pressure on the industry.
It ordered banks and payment companies in June to stop facilitating transactions and issued a ban on cryptocurrency mining.
The People’s Bank of China and some other bodies last month made all cryptocurrency transactions illegal, and the country’s central bank pledged to clean up crypto activities. ”illegal”.
Later, major exchanges began to cut ties with their Chinese users, and prices fell Bitcoin and other currencies significantly in the wake of this ban.
But nevertheless, the currencies recovered quickly, and at the time of writing, trading Bitcoin by more than 55 one thousand dollars.
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