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China Bans Cryptoactivity-Related Events In Hotels And Shopping Malls

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Chinese government officials issued a statement informing that all commercial activities related to cryptoactives, such as conferences, chats or forums, may not take place in hotels, shopping malls or offices. The document, published by the government of Beijing’s Chaoyang district, orders local financial authorities and the police to ban such events that could promote the negotiation and exchange of kryptonite.

Local media, economists and members of the Chinese bitcoiner community broadcast, through social networks, the announcement that circulates since Wednesday 22 August. The new government measure could now be aimed at restricting the closest channels of communication among ecosystem enthusiasts, according to an analysis by Dovey Wan, director of Dhanua Capital, a California-based venture capital fund.

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Wan herself explained that although the measure is being taken in Beijing’s Chaoyang district, the decision sets the tone at the national level, so there is no need for a new document to be published to stipulate this.

Chaoyang is a very symbolic district that is considered the’centre of power’. In addition, the propagation of this type of communiqués, under this environment, does not require official national documents in China, this already sets the standard.

The announcement comes 24 hours after the WeChat messaging service, owned by Chinese mobile phone and Internet company Tencent, blocked accounts of blockchain and kryptonite companies in the Asian country. It is noteworthy that last March it became known that the instant messaging application was being used by investors in China to participate in Initial Coin Offers, as a way to circumvent prohibitions in the Asian country.

After banning the development of events related to cryptocodes and the blocking of accounts in WeChat, the Chinese government also announced on Thursday, August 23, that it is ready to block 124 foreign kryptonite exchange houses operating in the country, which can be considered as a new governmental escalation to restrict the commercialization of cryptocodes and to ban information that has to do with cryptocodes.

The news was released by the Shanghai Securities News, an affiliate of local financial regulators, and other digital media highlighting that authorities will continue to monitor and shut down websites dedicated to kryptonite trading and the Initial Offer of Coins (ICO).

China’s policy towards cryptoactives has two fronts. On the one hand, they maintain strict control over the ICOs, which have been banned by the Central Bank, and their severe restrictions on the kryptonite trade. In fact, in September 2017 the country forced the closure of bitcoin exchange houses.

On the other side of the coin, the nation evaluates distributed accounting well, to the point that its own president, Xi Jinping, referred to this type of database when he said: “it accelerates progress in implementation and creates new areas in the life sciences”.


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