Beijing's business hub, Chaoyang District, has now banned all cryptocurrency-related activities, including conferences and advertising of digital currencies.
Last week, Beijing's financial services department issued an order banning cryptocurrency events. The ban applies to all commercial organizations in the Chaoyang district, the business center of Beijing. According to the document, restaurants, hotels, shopping and business centers are prohibited from advertising cryptocurrency or holding events related to the crypto industry. At the same time, commercial organizations must not only themselves abandon everything related to cryptocurrency, but also “inform their neighbor” if someone decides to disobey the ban.
Local regulators explain such a strict ban by protecting the financial security of the population from the volatility and manipulation of the digital currency market. The cryptocurrency ban policy is aimed at supporting and strengthening the value of the Chinese yuan, the only legal national currency.
Yesterday, local media reported another attack by Chinese regulators on the crypto community. WeChat, a popular messaging app in China, has been heavily censored. As a result of government monitoring, several popular accounts dedicated to cryptocurrencies and blockchain were identified and blocked. According to the censors, the blocked accounts violated the current version of the requirements for information services, adopted at the beginning of the month.
Such steps are quite logical in light of the declared war on cryptocurrency back at the end of 2017. The government is issuing prohibitory directives in an attempt to stop the use of decentralized and unregulated digital currency in the country. Chinese regulators have already banned initial coin offerings (ICOs) and cryptocurrency transactions, taken all measures to stop the activities of local and foreign cryptocurrency platforms, outlawed mining centers and even banned betting on the World Cupin cryptocurrency. The government has to issue new regulations every month and strengthen control over the distribution of digital assets in the country.
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