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  • Updated: 1 month ago

China Restricts Investment In Cryptocurrency Mining

The war against cryptocurrency in China has been extended to a broader ban on crypto mining. According to a report, China has added crypto mining to a draft "negative list" that limits or outrightly bans investments in a given industry, whether by Chinese or foreigners.

Prospect investors would have to seek approvals from the authority and those are unlikely given China's anti-crypto stance.

Recall that China has deemed crypto transactions illegal, claiming the digital currency sparked a rise in money laundering and other financial crimes. The country has been testing its own cryptocurrency, though, and some suspect the country just wants a more stable currency it can directly control.

Bitcoin.com notes China's Development and Reform Commission is asking for public commentary on the list through October 14th. It's doubtful public input will change the approach to crypto mining.

The October 14 result could further make cryptocurrency impractical in China.

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