China will Add Crypto Mining To Negative List Of Industries To Invest
Chinese authorities are planning to list the crypto mining operations in the list of negative Industries to prohibit the investors from going with crypto mining operations in any way.
As we know very well how the Central Bank Of China announced multiple bans on the crypto related operations this year and that crashed the crypto market badly. Through the last crypto ban announcement, Chinese authorities Ordered to halt all kinds of remote operations of the crypto exchanges for the Chinese users. At that crypto ban notification, Binance , Huobi, BitZ & KuCoin responded and said that they will close their exchange operations through a systematic procurement for China mainland users.
Related: Chinese Crypto Exchange BitZ will completely stop services before the October end
But the most recent crypto ban notification of Chinese authorities is going to ban the Chinese citizens from investing in the crypto mining operations. Probably it is going to be an effort of the Chinese authorities to stop their citizens from investing in crypto mining operations out of China or in China illegally, because China already banned all kinds of crypto mining operations blindly, so only one thing remains here, which is mining operations outside of China.
According to the Reuters report on 8 October, two authorities of China released notification regarding this matter. These two authorities are National Development and Reform Commission (NDRC), and the Ministry of Commerce.
Through the announcement, These two authorities clearly said that they proposed a plan to list the crypto mining operations in the negative market investment list. And if this draft bill gets passed then it will be applicable on the Chinese and foreign all investors.
“The negative list for market access outlines sectors, fields, and businesses off-limits for investors. Industries, fields, and businesses not on the list are open for investment to all market players.”
The state council stated officially on this matter
AS per documents, if anyone will invest in these sectors after the approval of the draft bill then that will be considered as violating the rules and law of China regarding national security, public interest, and the environment in China.
Read also: Dell CEO says going to pass on the Bitcoin
