China considers proclaiming crypto mining as a ‘negative industry’
- China made its final move against crypto mining within the country by prohibiting investments into it.
- The country added it to a draft list of so-called ‘negative industries,’ alongside a number of others.
- However, it is worth noting that the list is significantly reduced than it was in the past.
China has been trying to eliminate cryptocurrencies from its country for years now, and in 2021, it finally came to cracking down on crypto miners. Throughout the year, one province after another started making mining impossible, forcing those engaging in this aspect of the crypto industry to close down shop and move — either to a different province or out of the country, altogether.
Now, it is preparing to strike another blow at the crypto mining sector by adding it to a draft list of industries that are considered ‘negative’ within the country. This is a list of industries in which investments are either restricted or completely prohibited.
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While adding mining to it is, obviously, a negative development for the crypto industry, it is worth noting that the number of sectors that made the list is reduced. The document itself was issued only yesterday, October 8th, and any sector or industry that found its way to it is off-limits to local and foreign investors alike.
The country’s regulators have previously banned crypto trading, as well as mining itself, making any cryptocurrency activities — other than simply owning crypto — completely illegal. Most exchanges have already left the country, or are in the process of doing so.
Meanwhile, the country is working on tightening its control over public discourse, currently through crackdowns on businesses that are ‘polluting’ the society. Mobile browsers are instructed to eliminate rumor spreading, and the use of sensationalist headlines is not allowed. Neither is the publishing of content that values socialism’s core values.
In other words, the country is tightening its grip around its people, with the latest move including the prohibition of investing non-public capital into publishing activities like news-gathering, live broadcasts, editing and broadcasting entities, operation of news, and alike.