China is at it again, reinforcing its position on cryptocurrencies and crypto mining.
Recently, China announced it had added crypto mining to the ‘negative list’ of industries. In other words, it means that investors can't invest in the crypto mining industry.
On October 8, a document released by the state planner shows the "negative list" details sectors and industries that are off-limits to both Chinese and foreign investors.
According to reports, investments in these negative industries could impact national security, public interest, and the environment in China negatively.
Thus, if the draft that China proposed to add cryptocurrency mining to the 'negative list' of industries passes, it will ban investments in the industries listed.
Huobi Global stopped traders from using mainland China mobile numbers to register new accounts. This is the result of the People’s Bank of China that said all crypto-related transactions are considered illegal activities on September 24.