China Adds Crypto Mining To List Of Industries Banned From Market Access

China has proposed adding cryptocurrency mining to the country’s latest Negative List for Market Access. As such, mining cryptocurrencies is becoming an entirely banned industry for investors, another move by the Chinese government to curb crypto-related activity.

The draft “list of professions not allowed to enter the market” for 2021 was released yesterday by China’s National Development and Reform Commission, the state decision-making body, together with the commission and the Ministry of Commerce.

“This list outlines industries, sectors and companies that are restricted to investors. Industries, sectors and companies that are not on the list are open to all market participants. “

In 2020 the list includes 123 industries, but has been reduced to 117 in the current version. Sectors that are not on the list are open to anyone without permission.

The Development and Reform Commission is currently holding a referendum on this list. The seven-day public comment period runs from October 8th to October 14th.

The most populous country in the world has actively taken action against crypto activity and banned mining and trading. After that, cryptocurrency exchanges and service providers blocked Chinese users.

However, the impact of China’s action on the global crypto market is minimal. Bitcoin price has risen by more than 30% since the latest raid announcement on September 24th. At the time of writing, the cryptocurrency is trading at $ 54,214. Former US CIA officer Edward Snowden recently said China’s ban “makes bitcoin stronger”.

Source: TradingView

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