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China included cryptocurrency mining on their list to be prohibited

 

In a draft list of sectors in which investment is limited or banned, China has included cryptocurrency mining as one of those industries. A document published by the state planner, however, indicates that it has decreased the total number of sectors on the list in the process. Both Chinese and international investors are barred from investing in some areas and businesses, which are detailed in the "negative list." Chinese regulators prohibited cryptocurrency trading and mining earlier this year, forcing exchanges to shut their doors.

Financial institutions and payment firms in China have been barred from providing services connected to cryptocurrency transactions, and the government has issued similar prohibitions in 2013 and 2017. The decision comes amid a worldwide crackdown on cryptocurrencies, as governments become more concerned about the volatility of digital currencies. Analysts believe that cryptocurrencies pose a danger to China's sovereign digital yuan, which is now in an advanced stage of development.

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