Economic Development Zone of Guangzhou banned cryptocurrency activities

Economic Development Zone of Guangzhou banned cryptocurrency activities

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The company to combat cryptocurrencies in China is gaining momentum: a special zone of technical and economic development in Guangzhou – one of the first special economic zones of China, located near Hong Kong – banned all promotional activities related to cryptocurrencies. This was reported on August 29 edition of 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 introduced on August 17 by the authorities of the Chaoyang District of Beijing. He forbade carrying out any activities related to cryptocurrencies in office buildings, hotels and shopping centers in the central region of the capital of China.

In addition, on Friday, several major Chinese regulators and departments issued a joint announcement regarding the initial coin offering (ICO) and other types of “illegal” crypto-crowdfunding. In the opinion of the regulators, the people behind these projects use terms such as “financial innovation” and “blockchain” to attract investments, but in fact they “engage in fraud and organize the pyramids”.

Today’s ban and warning for the population are yet another manifestation of the growing pressure of the Chinese authorities on the local cryptocurrency industry. The scope of trade in cryptocurrencies in China is already strictly forbidden – the pressure on the crypto-exchange began in the first months of 2017 and led to their closure in the country.

Then the Chinese censorship reached and to the crypto-transactions carried out with the help of personal messages and financial P2P-platforms. Last week, China’s two largest payment applications, WeChat Pay and Alipay, with a combined total of more than one billion users, banned their users from sending and receiving funds related to cryptocurrencies.

In addition, the so-called “Great Chinese firewall” joined the struggle against cryptocurrencies – its managers promised to take measures prohibiting citizens’ access to the websites of more than 120 foreign crypto-exchange exchanges. Also this week, the largest Chinese search portal Baidu has decided to limit or block all discussions related to cryptocurrencies in its popular online forum Baidu Teiba.

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