January 18, 2022

Politics and Commentary News Aggregator

China limits investments in cryptocurrency mining

2 min read

China’s war against cryptocurrency could soon extend to a broader ban on crypto mining. Reuters reports the country has added crypto mining to a draft “negative list” that limits or outright bans investments in a given industry, whether by Chinese or foreigners. Would-be investors would need to get approvals, and those are unlikely given China’s anti-crypto stance.

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, however. 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.

The move could further make cryptocurrency impractical in China. Just don’t mourn for crypto as a whole. The price of Bitcoin has surged over 30 percent since China’s September crackdown — these bans may have given crypto a second wind where it was otherwise poised to level off. It may just be a question of whether or not an official Chinese currency skews the market.

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Jon Fingas
2021-10-09 14:06:59

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