China bans cryptocurrency promotions at hotels, malls in Beijing 21455
News
Priyanka Babu
Aug 22, 2018 at 11:30 PM

China is growing increasingly hostile towards the cryptocurrency industry in the country as the number of bans faced by the industry seems to be surging in the country. The central district of Chaoyang in China’s capital Beijing has issued a new ban on August 17 disallowing shopping malls, restaurants, hotels and office buildings of downtown Beijing from providing venues for hosting promotional activities for the cryptocurrencies.

The document which stated the ban was leaked online this week according to a report by South China Morning Post. "We now order every shopping mall, restaurant, hotel and official buildings not to provide venues for any events that promote or talks about cryptocurrency and must report to the authority if such activities were found," read the document.  According to the document, the financial service department aims to preserve the financial safety of the public, to enforce the Chinese Yuan as the legal currency and secure the country's financial industry.

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Managing Director at Danhua Capital, Dovey Wan said that the order might be an extension of the trading ban implemented last year. “Chaoyang is a very symbolic district, what is considered as the ‘center of the core power’. Also, the propagation of narratives in the regulatory environment does not need an official nationwide document in China, this already sets the tone,” she said.

China has also shut down many blockchain related news accounts on WeChat app. On Tuesday evening, at least eight blockchain and cryptocurrency related online media pages found their public Wechat accounts blocked on account of new regulations being violated by the social app. China banned ICOs and some types of crypto exchanges last year. They also barred peer to peer and over the counter trading network. The Chinese government is setting new restrictions that might hamper the growth of the industry, however, many observers say that new curbs are liberal compared to the older ones.

Image via Shutterstock

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