Guangzhou Economic Development Zone banned …
Guangzhou Economic Development Zone Bans Cryptocurrency Activities
An anti-cryptocurrency company in China is gaining traction: The Guangzhou Special Technical and Economic Development Zone – one of China’s first special economic zones located near Hong Kong – has banned all crypto-related promotions. Reported on August 29 by the South China Morning Post..
According to the announcement, the purpose of the ban is to “maintain the security and stability of the financial system.”.
A similar ban was imposed on August 17 by the authorities in Beijing’s Chaoyang District. He banned any cryptocurrency-related events in office buildings, hotels and shopping malls in the central district of China’s capital..
In addition, on Friday, several major Chinese regulators and agencies issued a joint announcement regarding initial coin offerings (ICOs) and other types of “illegal” crypto crowdfunding. According to regulators, the people behind these projects are using terms like “financial innovation” and “blockchain” to lure investments, but in fact “are engaged in fraud and organize pyramids.”.
Today’s ban and warning for the population is another manifestation of the increasing pressure from the Chinese authorities on the local cryptocurrency industry. The cryptocurrency trading sphere in China is already under a strict ban – pressure on crypto-exchanges began in the first months of 2017 and led to their closure in the country.
Then the Chinese censorship made its way to crypto transactions carried out using private messages and P2P financial platforms. Last week, China’s two largest payment apps, WeChat Pay and Alipay, with a combined total of over a billion users, banned their users from sending and receiving funds related to cryptocurrencies..
In addition, the so-called “Great Firewall” has joined the fight against cryptocurrencies – its managers have promised to take measures prohibiting citizens from accessing the websites of more than 120 foreign cryptocurrency exchanges. Also this week, the largest Chinese search portal Baidu decided to limit or block all discussions related to cryptocurrencies on its popular online forum Baidu Teiba..
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