China's war on cryptocurrency could soon lead to a wider ban on crypto mining. Reuters reports that the country has included crypto mining in a draft "negative" list. This lists all industries that limit or ban investments, both by Chinese and foreigners. Investors would need approvals. This is unlikely due to China's anticrypto stance.
Bitcoin.com has learned that the China Development and Reform Commission invites public comments on its list until October 14th. However, it's unlikely that public input will alter the way crypto mining is done. China declared crypto transactions illegal, alleging that the digital currency has led to an increase in money laundering and other financial crimes. Although the country has been using its own cryptocurrency to test it, some believe that it is simply looking for a stable currency that it can control.
This could make cryptocurrency even more difficult to use in China. Don't be sad for crypto in general. Bitcoin's price has risen by more than 30 percent since China's September crackdown. These bans could have given crypto an extra boost where it was previously poised to plateau. It could be as simple as whether an official Chinese currency is skewing the market.
