China proposes adding cryptocurrency mining to 'negative list' of industries

By Kitco News / October 08, 2021 / www.kitco.com / Article Link

BEIJING, Oct 8 (Reuters) - 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 so-called "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 draft 2021 list of industries in which investment is either restricted or prohibited has been cut to 117, the National Development and Reform Commission said, down from 123 in 2020.Industries not on the list are open for investment to all with no approvals required. (Reporting by Colin Qian in Beijing and Twinnie Siu in Hong Kong; Editing by Toby Chopra) Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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