Chinese clampdown on cryptos intensifies

August 22, 2018
Chris Wheal

Shopping malls, hotels, restaurants, and office buildings in Beijing have been ordered not to provide venues for activities that promote cryptocurrencies.

According to a report today from Coindesk, the district government in central Beijing has now banned commercial properties from hosting events relating to what it calls “cryptocurrency talks and promotion.”

An official from the financial service department of Beijing’s Chaoyant district confirmed to CoinDesk that the clampdown outlined in a drafted (but yet to be circulated) document would be imposed.

The Chinese government sees cryptocurrencies as a potential threat to the strength of the Yuan currency.

The financial service department intends the action to protect the financial safety of the public, to strengthen the position of the yuan as the legal currency in China and to stabilize the country’s financial system.

Beijing’s latest action comes hot on the heels of messaging giant WeChat’s decision to pull the plug on Chinese cryptocurrency and blockchain media accounts.

China’s firm stance against the crypto industry appears to be as resolute as ever.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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