China bans promotional crypto events in Beijing

  • August 22, 2018
  • 5:28 pm ET

Img via Wikipedia

An order was released by the Chinese government which bans shopping malls, hotels, restaurants, and offices in Beijing from hosting promotional cryptocurrency events.

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According to the latest tweet by Dovey Wan — the Managing Director of Dhanua Capital, an order was released by the Chinese government banning commercial venues in Beijing from hosting crypto related events.

According to a translation, the notice only affects venues in the Chaoyang District of Beijing and reads:

“To protect people’s property and safeguard the status of legal tender, to guard against money laundering risks and maintain the stability of the financial system, all shopping malls, hotels, restaurants, offices and other places shall not undertake any form of cryptocurrency-related promotion activities. We have monitored risks in the internet finance and cryptocurrency space over the past days. A crypto asset management platform named Bit-up recently held an illegal activity to promote its crypto products in the district, which triggered local regulator’s attention.”

Some suggest that order will have little impact on the industry in Beijing, but Chinese authorities are notorious for taking a harsh stance on cryptocurrencies and it seems as if they are in no mood to stop.

Last year the People’s Bank of China issued a ban on ICOs and have more recently targeted Bitcoin miners by limiting their power supply, forcing them to move to more crypto friendly countries.

Many speculate that the continuous stream of propaganda and crypto regulation is only an effort to lower crypto prices, but it will certainly be interesting to see if this order has any effect on the cryptocurrency industry in China.

Via @DoveyWan • h/t CCN

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