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China’s Guangzhou Follows Beijing to Ban Crypto Promotions

An economic zone in China’s Guangzhou city is following the lead of Beijing’s financial district to ban crypto-related promotions and events.

The finance department of the Guangzhou Development District issued a notice to local businesses, prohibiting them from hosting any activities related to cryptocurrency promotions, according to local news report from National Business Daily on Aug.29.

guangzhou notice

As per the notice, the goal of the district’s restriction is to “protect the property rights and interests of the public, strengthen the position of Chinese yuan as the legal tender in China, and to stabilize the country’s financial system”, the same with the reason offered by Beijing regulators.

The move comes just days after the government authority of Beijing’s Chaoyang district issued a similar document to ban office buildings, shopping malls, hotels, restaurants and all other possible venues from hosting crypto-related promotions, as 8btc previously reported.

As part of its larger initiative to completely stamp out ICOs and cryptos starting from last September, the recent bans, blocking crypto-related WeChat accounts, media outlets, hosting venues and 124 crypto exchanges, target more at communication channels 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 releasing propaganda every month to lower crypto prices.

While it seems the country’s escalated crackdown now has little influence on the bitcoin prices, according to prices shown on coinmarketcap. Regulators in the country also said it had achieved its desired goals – bitcoin Yuan trading has dropped below 5% of the world’s trading from over 90% after the September ban.

bitcoin prices from Aug20 to Aug30

Nevertheless, the country’s enthusiasm in blockchain, the technology behind bitcoin, seems not to be affected by the escalated crypto crackdowns, as the country’s Internet Finance Working Committee(CIFC), approved a nationwide ‘blockchain reform’ action plan on August 28 in bid to push forward the development of non-token blockchains in China after the country announced to establish national standards for blockchain technology this May.

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