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China’s war on cryptocurrency may soon extend to a broader ban on crypto mining. Reuters reports that the country has added crypto mining to a proposed “negative list” that restricts or outright bans investments in any given industry, whether Chinese or foreign. Potential investors are expected to get approvals, and these are unlikely given China’s anti-crypto stance.
Bitcoin.com notes that the China Development and Reform Commission is requesting public comment on the list until October 14. However, the public’s contribution is unlikely to change the approach to crypto mining. China has ruled the crypto transactions illegal, saying digital currency has triggered an increase in money laundering and other financial crimes. However, the country has tested its own cryptocurrency and some suspect the country simply wants a more stable currency that it can directly control.
This move could make cryptocurrency impractical in China again. Don’t cry for the crypto as a whole. The price of Bitcoin has jumped more than 30% since the September crackdown in China – these bans may have given crypto a second wind where it was otherwise poised to stabilize. It may just be a question of whether or not an official Chinese currency is distorting the market.
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