China Banning Cryptocurrency Events | Further Bans Expected

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Why is China banning cryptocurrency events? The country has put in place a ban on venues hosting all events related to cryptocurrency in the Chaoyang district of Beijing.

China Banning Cryptocurrency Events: What’s Going On?

The report comes from the local news outlet, The Paper, which states that all public spaces have been prohibited from hosting cryptocurrency-related events. This includes shopping malls, office buildings, and hotels, where documents detailing the ban were issued.

Restrictions

Japanese media also reports that these new restrictions coincide with other measures targeting communication channels used by Chinese investors to gain access to ICOs.

Reasons given to justify the measures include the “protection of public property rights,” along with the upholding of “the security and stability of the financial system,” and the “prevention of money laundering.”

Blocking Access

The China National Fintech Risk Rectification Office has identified 124 crypto trading platforms with overseas IP addresses and is intending to block access to their services, according to the Shanghai Securities Times. And recently, WeChat—a popular social media platform in the country—permanently blocked a number of crypto and blockchain-related accounts, including Jinse.com, News Flash, TokenClub, Coindaily, Huobi News and Huobi Research Institute, BiShiJie, deepchain, Wujie Blockchain, and Dapao.

Tell On Thy Neighbour

Members of the public have been encouraged to call out and publically denounce any violations of the ban. There are concerns that the ban could be extended to other districts in China.

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China is Clamping Down

China banned Bitcoin-to-fiat exchanges along with ICOs in September 2017, and since then has been clamping down on crypto-related activity with greater authority and persistence. Further new measures are underway to bolster the so-called ‘clean-up’ of third-party crypto payment channels, according to CT Japan.

Officials from China’s Office for Special Remediation of Internet Financial Risks will reportedly interview third-party payment institutions and order them to cease any cryptocurrency-related dealings. In June, China declared victory over cryptocurrency trading by claiming that just one percent of Bitcoin transactions are made using local currency.

Featured Image: Deposit Photos/Alan

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