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China proposes including cryptocurrency mining to ‘adverse listing’ of industries

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Economy13 hours in the past (Oct 08, 2021 11:20PM ET)

China proposes adding cryptocurrency mining to 'negative list' of industries
© Reuters. FILE PHOTO: People relaxation at a park close to Beijing’s central enterprise space, China August 29, 2017. Picture taken August 29, 2017. REUTERS/Jason Lee

BEIJING (Reuters) -China has added cryptocurrency mining to a draft listing of industries by which funding is restricted or prohibited, though it diminished the variety of sectors on the listing general, a doc launched by the state planner confirmed on Friday.

The “adverse listing” particulars sectors and industries which can be off-limits to each Chinese and international buyers.

Regulators in China banned cryptocurrency buying and selling and mining this 12 months, with the nation’s central financial institution vowing to purge https://www.reuters.com/world/china/china-central-bank-vows-crackdown-cryptocurrency-trading-2021-09-24 “unlawful” cryptocurrency actions final month. The crackdown has prompted cryptocurrency exchanges to chop ties https://www.reuters.com/technology/cryptocurrency-exchanges-rush-cut-ties-with-chinese-users-after-fresh-crackdown-2021-09-27 with Chinese customers.

China additionally has been tightening management over public discourse, cracking down on present enterprise https://www.reuters.com/world/china/china-radio-tv-body-strengthen-regulation-cultural-programmes-salaries-2021-09-02 for “polluting” society and asking cellular browsers https://www.reuters.com/article/us-china-censorship-browsers-idUSKBN27B1Z3 to eradicate the spreading of rumours, the usage of sensationalist headlines and the publishing of content material that violates the core values of socialism.

The state planner mentioned it was halting the funding of “private” capital into quite a lot of publishing actions, together with reside broadcasts, news-gathering, enhancing and broadcasting entities and the operation of reports.

Non-public capital can’t be concerned within the introduction of reports launched by abroad entities or summits and award choice actions within the discipline of reports and public opinion, the NDRC added.

The draft 2021 listing of industries by which funding is both restricted or prohibited has been lower to 117, the National Development and Reform Commission mentioned, down from 123 in 2020.

Industries not on the listing are open for funding to all with no approvals required.

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