China proposes adding cryptocurrency mining to ‘negative list’ of industries

BEIJING, Oct 8 (Reuters) – China has added cryptocurrency mining to a draft checklist of industries wherein funding is restricted or prohibited, though it lowered the variety of sectors on the checklist general, a doc launched by the state planner confirmed on Friday.

The “adverse checklist” particulars sectors and industries which might be off-limits to each Chinese language and international traders.

Regulators in China banned cryptocurrency buying and selling and mining this 12 months, with the nation’s central financial institution vowing to purge “unlawful” cryptocurrency actions final month. The crackdown has prompted cryptocurrency exchanges to cut ties with Chinese language customers.

China additionally has been tightening management over public discourse, cracking down on show business for “polluting” society and asking cell browsers to eradicate the spreading of rumours, using 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 a wide range of publishing actions, together with stay broadcasts, news-gathering, enhancing and broadcasting entities and the operation of reports.

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

The draft 2021 checklist of industries wherein funding is both restricted or prohibited has been reduce to 117, the Nationwide Improvement and Reform Fee mentioned, down from 123 in 2020.

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

Reporting by Colin Qian in Beijing and Twinnie Siu in Hong Kong; reporting by Engen Tham in Shanghai; Enhancing by Toby Chopra and William Mallard

Our Requirements: The Thomson Reuters Trust Principles.