Beijing Bans All Venues from Hosting Crypto-Related Promotions
Chaoyang District of Beijing has released an official notice to ban office buildings, hotels and all other possible venues in the district from hosting activities related to cryptocurrencies, according to the official notice released August 22 by the local financial regulator.
As per the notice, to protect people’s property and safeguard the status of legal tender, to guard against money laundering risks and maintain the stability of the financial system, all shopping malls, hotels, restaurants, offices and other places shall not undertake any form of cryptocurrency-related promotion activities, according to the regulation on further clean-up of crypto trading places issued last August by China’s internet financial risk rectification work group.
The notice was drawn up on August 17, and sent to all the locations within the district this week, according to an official in the work group.
“We have monitored risks in the internet finance and cryptocurrency space over the past days. A crypto asset management platform named Bit-up recently held an illegal activity to promote its crypto products in the district, which triggered local regulator’s attention. To prevent potential risks, we released this notice,” the aforementioned source said.
As of press time, the restriction was limited within Chaoyang District, and there’s yet no actions from other cities in the country.
China is notorious for its stringent stance on cryptocurrencies. People who are tired of the regular FUD (fear, uncertainty, doubt) ridiculed that the country seems to like to release propaganda every month to lower crypto prices.
Last September, the country’s central bank, together with seven ministries, issued a ban on ICO (Initial Coin Offering) and crypto trading. After that, local crypto exchanges moved overseas one after another.
Earlier this year, regulators targeted bitcoin mining by limiting its power supply, which drove mining farms heading to bitcoin-favored countries;
A month later in February, the country blocked access to offshore crypto trading platforms, and in March it blocked the WeChat accounts of crypto exchanges OKex and Huobi included…