China Extends its Crypto Promotion Ban for Venues

China extends its crypto promotion ban for venues to Guangzhou Development District. Earlier last week, the ban was initially effective only in Beijing’s Chaoyang district. What is next?

30 August, AtoZ Markets It appears that recent Chinese anti-cryptocurrency move to ban crypto-related promotion in public venues has got onto another level. As AtoZ Markets reported earlier last week, China has decided to reportedly ban all of the commercial venues from hosting cryptocurrency-related events. According to a number of online reports, the new legislation will be put into effect in Beijing’s Chaoyang district.

China Extends its Crypto Promotion Ban for Venues

That time, many news outlets in China reported that the ban could also be extended to other districts. The reports noted that Chinese media has stated that the ban both does and does not apply to other areas in Beijing. As per one of such outlets, the new rule bans all public spaces in the district from hosting any cryptocurrency-related promotions. The ban allegedly applies to shopping malls, hotels, and office buildings.

As for the reasoning for such move, the regulatory notice refers to the “protection of public property rights,” “prevention of money laundering,” and maintaining “the security and stability of the financial system.”

Now, the reports also state that the ban against commercial venues promoting and hosting crypto-related events can be extended to Guangzhou Development District. Guangzhou Development District is a special economic zone that is located in southern China. The Financial Development Bureau of the district has reportedly issued a notice of the new ban, along with a warning for the need of “maintenance of the security and stability of the financial system.”

WeChat Crypto Accounts Suspension

It is also understood that China has been quite active in its initiatives to crack down on the local illegal cryptocurrency sector. Some of the recent moves from the regulator in China restricted communication channels and other “loopholes” that were used by Chinese investors to gain exposure to Initial Coin Offerings (ICOs) and cryptocurrency trading. 

Earlier this August, the 1 billion user social media platform WeChat has moved to permanently block a number of cryptocurrency and Blockchain-related accounts. The Chinese authorities have accused these accounts of publishing cryptocurrency “hype” in breach of regulations that have been put into effect earlier this month. 

The operator of WeChat, Tencent, has subsequently issued a statement, thus announcing a ban on cryptocurrency trading. The local news also highlighted that the move from WeChat has largely affected Deepchain, Huobi News, Node Capital-backed Jinse, and CoinDaily. The latter’s website claims that its official WeChat channel had more than 100,000 users standing as of June 2018. According to reports, there were several other blocked websites among the top 50 most influential Blockchain focused accounts on WeChat.

In addition, Baidu, the Chinese version of Google, has suspended at least two popular cryptocurrency-related chat forums, according to reports. The note from the company has supposedly informed users that the move appears “in accordance with relevant laws, regulations, and policies.”

Think we missed something? Let us know in the comment section below. 

Share Your Opinion, Write a Comment