China's war on crypto is not ending, it's escalating

    2018/08/22 20:39 John lv Created with Sketch.
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China's internal war on cryptocurrency is not ending. The country has been reported shutting down blockchain news companies and banning hotels from hosting cryptocurrency conferences. This is only one instance of the government's control over cryptocurrency regulations.


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Eight blockchain and cryptocurrency news accounts on the popular WeChat social network has been shut down. Users of these accounts reported their accounts being blocked on Tuesday. The reason was due to new regulations from China's top internet watchdog. Tencent made a statement claiming the accounts were shut down due to "suspected of publishing information related to ICOs and speculations on cryptocurrency trading." ICOs are still considered a taboo trading topic in the country, which prompted the disabling of the WeChat accounts.


Beijing has been seeing a crackdown on hotels and events spaces hosting cryptocurrency and blockchain events. According to the South China Morning Post, Beijing's central Chaoyang district banned the permission of using hotels, office buildings, and shopping malls from hosting events related to cryptocurrency.


China has been on track to ban all topics related to cryptocurrency and ICOs in the country since September this year. Primary concerns are due to financial stability with the crowdfunding methods related to ICOs. The Chinese government has made it clear they want nothing to do with the unregulated trading of cryptocurrencies with institutional investors. Yet, many Chinese investors look to blockchain companies overseas to invest. There have been no talks of lifting any cryptocurrency bans in the country.


    Adapted from: CoinTime Author: John Executive editor: JohnMinWu
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