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China added cryptocurrency mining to industry blacklist

The State Committee for Development and Reforms of the PRC has added cryptocurrency mining to the list of industries for which investments are prohibited or limited. At the same time, the number of industries listed in the list has been somewhat reduced since last year.

Source: reuters.com

Source: reuters.com

The blacklist lists industrial sectors and industries that are inaccessible to both Chinese and foreign investors. Chinese regulators this year banned both mining and the sale of cryptocurrency, and last month, the Chinese central bank, backed by a number of other authorities, declared all cryptocurrency-related transactions illegal. The decisiveness of the Chinese authorities forced cryptocurrency exchanges to sever ties with users from the PRC.

Beijing has also tightened its grip on the public environment, making claims to show business for ideological “pollution” of society and demanding mobile browser developers to stop spreading rumors, linking to materials with pseudo-sensational headlines, and opposing the publication of content that contradicts traditional values. The ban included investments of “non-people” capital in various publishing activities, including live broadcasts, collection of news material, broadcasting and editorial activities.

The draft “black list” of industries for which investments are limited or completely prohibited in 2021 includes 117 positions, and in 2020 there were 123. Industries that were not included in the list are open for investment without any additional approvals.

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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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