China Adds Cryptocurrency Mining to Provisional List of ‘Negative’ Industries to Ban Investments

China has added cryptocurrency mining to a draft list of industries in which investment is restricted or prohibited, although it has broadly reduced the number of sectors on the list, a released document showed on Friday. by the state planner.

The “negative list” details the sectors and industries prohibited to Chinese and foreign investors.

Chinese regulators have banned cryptocurrency trading and mining this year, with the country’s central bank pledging to purge “illegal” cryptocurrency activity last month. The crackdown prompted cryptocurrency exchanges to sever ties with Chinese users.

China has also tightened its control over public discourse, cracking down on show business for “polluting” society and asking mobile browsers to eliminate the spread of rumors, the use of sensational headlines, and the posting of content that violates the fundamental values ​​of socialism.

The state planner said he was halting the investment of “non-public” capital in various publishing activities, including live broadcasts, news gathering, publishing and broadcasting entities and the use of information.

Non-public capital cannot be involved in the introduction of news published by foreign entities or summits and in price-picking activities in the field of information and public opinion, the NDRC added.

The draft 2021 list of industries in which investment is restricted or prohibited has been reduced to 117, the National Development and Reform Commission said, from 123 in 2020.

Industries that are not on the list are open for investment to anyone without any approval required.

© Thomson Reuters 2021

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