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China has recently pitched in a proposal to add cryptocurrency mining to its so-called “Negative List of Market Access.” This makes it almost impossible for investors to be part of the industry of crypto mining.
The country’s National Development and Reform Commission – alongside the Commission and the Ministry of Commerce – made it known on Friday that cryptocurrency mining was added to the Negative List of Market Access’ 2021 draft.
Further, the State Council highlighted that the list details which fields, sectors, and businesses are barred for investors. Additionally, those that are not included on this blacklist are very much open to all market players.
In 2020, China sure did ban quite a number of industries as the list had a total of 123. Nonetheless, it is said to have been reduced a bit as it went down to 117 in its current iteration.
Albeit the reduction, it was learned that the Development and Reform Commission is as of late soliciting public opinions about this negative list. The survey was launched on October 8 and will run until October 14.
China being on the prowl
The cryptocurrency community is well acquainted with the fact that China has been on the prowl for crypto activities. As a result, it may well seem that almost all of the cryptocurrency exchanges and service providers have already cut their ties to their users in China.
It’s also very much evident how the CCP despises such activities as crypto mining. This crackdown resulted in the price of cryptocurrencies like bitcoin (BTC) and Ethereum (ETH) being heavily affected by it. Crypto folks may still recall that crypto ban which resulted in the hash rate of bitcoin taking a nosedive as this is one of the main reasons why the BTC underwent a substantial price correction. It even took another blow after Tesla and SpaceX CEO Elon Musk previously announced that they’ll be removing its bitcoin payment option for the former.
Road to recovery
It’s a good thing though that BTC has weathered the storm, to say the least as it looks like it’s on the road to recovery. The same can also be said on the king token’s hash rate. Another thing to point out is that bitcoin miners have opted to put up their mining operations to greener and friendlier pastures.
As of writing, Bitcoin’s price sits at $55,259 which is up by 1.04 percent.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
