China’s plight against cryptocurrency could result in an even greater ban. According to Reuters, the country has added crypto mining to a possible “negative list” that limits or outright bans investments in some sectors, whether by Chinese or foreigners.
Thus, potential investors would need to obtain approvals, which is very difficult since the country has an anti-cryptographic stance. Bitocoin.com pointed out that China’s Development and Reform Commission is seeking public opinion on the list by October 14th.
On the other hand, it is doubtful that this will change the approach to cryptocurrency mining. China has deemed cryptographic transactions illegal, claiming that digital currency has led to an increase in money laundering and other financial crimes.
China has its own cryptocurrency , but some suspect the intent is just a more stable currency that it can directly control. All of this could make cryptocurrency impractical in China.