China Blacklists Bitcoin and Cryptocurrency Miners!

After China’s bans on ending Bitcoin and cryptocurrency mining, many miners and global cryptocurrency exchanges ended their activities in the country. However, some miners continued to operate illegally despite these bans.

The Chinese government has taken another big step to block miners who choose to mine illegally, affecting the entire crypto market.

China’s National Development and Reform Commission has added cryptocurrency mining to its “Negative List for Market Access”.

The negative list for market access summarizes the deported sectors, areas and businesses for both Chinese and foreign investors. Industries, areas and businesses that are not on the list are open to investment by all market players without any approval.

The sectors in the list are closed to all kinds of investments. While there are 123 prohibited sectors in this list as of 2020, this number decreased in 2021.

The Chinese authorities make decisions that ignore the crypto market and mining every time, as they want citizens to use the digital yuan instead of cryptocurrencies.

The impact of such harsh and brutal decisions by China on Bitcoin and cryptocurrencies was less than expected, citing the environmental damage caused by crypto mining. Some analysts even said they think China’s bans are strengthening Bitcoin and cryptocurrencies.

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