One particular economic zone in southern China, known as The Guangzhou Development District, which has close proximity to Hong Kong, reportedly banned all promotional events which were related to cryptocurrency as the crypto crackdown of the country still continues.
The Guangzhou Development District will forbid crypto events in the district
One of the oldest exclusive economic zones of China, which was installed to encourage, as well as foster businesses with less-restrictive laws, known as The Guangzhou Development District, recently issued a notice to forbid cryptocurrency events in the district.
One expert from the notice has stated that this ban is actually a move towards maintaining the security, as well as the stability of the financial system.
The notice also followed a similar ban which was mandated by the authorities in the Chaoyang districts of Beijing on the 17th of August. The order warned office buildings, as well as hotels and shopping malls in the central district of the capital of China against hosting any kind of even which promotes cryptocurrencies.
The crypto trading in China is already dented
On Friday, the 24th of August, a joint public notice from a few prominent Chinese watchdogs and authorities which include the central blasted Initial Coin Offerings or ICOs, a radical form of fundraising powered by the cryptocurrencies which were outlawed in China, as well as in other illegal crypto crowdfunding. The regulators warned that some of the operators that use the terms such as “financial innovation” or “blockchain” to solicit investments are actually conducting “fraud, pyramid schemes.”
The trading activity of crypto in China was also diminished, severely, following scrutiny into exchanges from early last year, which probably led to the shuttering of exchanges within the country.
WeChat Pay and Ali Pay blocked users from sending and receiving funds related to cryptocurrencies
Through some peer-to-peer financial platforms, as well as private messaging, the censorship policies of China also put the brakes on crypto-related transactions. Last week, the WeChat Pay of Tencent and the AliPay of Alibaba, which are two of the most popular payment apps in China, which have over a billion users between them, blocked users from sending or even receiving funds which are related to cryptocurrency.
The ‘great firewall’ of China also took some measures about blocking the citizens of the country from having access to the websites of over 120 cryptocurrency exchanges overseas. This week, Baidu, which is actually the biggest search portal of China, moved to restrict or place a complete ban on all the crypto related discussions within Baidu Teiba, which is a popular Reddit-like online forum.