China Proposes Adding Cryptocurrency Mining to ‘Negative List’ of Industries

By Reuters
October 11, 2021Chinashare
China Proposes Adding Cryptocurrency Mining to ‘Negative List’ of Industries
A traffic policeman works near the bund overlooking the skyline in Shanghai, China, on Sept. 13, 2021. (Chen Si/AP Photo)

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 “illegal” cryptocurrency activities last month. The crackdown has prompted cryptocurrency exchanges to cut ties with Chinese users.

The Chinese regime also has been tightening control over public discourse.

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 National Development and Reform Commission (NDRC) added.

The draft 2021 list of industries in which investment is either restricted or prohibited has been cut to 117, the NDRC said, down from 123 in 2020.

Industries not on the list are open for investment to all with no approvals required.

By Colin Qian, Twinnie Siu, and Engen Tham

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