China Crackdown: After Beijing, Guangzhou Hub Bans Cryptocurrency EventsThe Guangzhou Development District, a special economic zone in southern China with a close proximity to Hong Kong, has reportedly banned all promotional events related to cryptocurrency as the country’s crypto crackdown continues.
One of China’s earliest special economic zones installed to encourage and foster businesses with less-restrictive laws, the Guangzhou Development District issued a notice on Friday to forbid cryptocurrency events in the district, the South China Morning Post reported on Wednesday.
The ban is a move toward “maintaining the security and stability of the financial system,” an excerpt from the notice reasoned.
The notice follows a similar ban mandated by authorities in Beijing’s Chaoyang district on August 17. The order warned office buildings, hotels and shopping malls in the central district of China’s capital against hosting any events promoting cryptocurrencies.
On Friday, a joint public notice from a number of prominent Chinese watchdogs and authorities including the central blasted initial coin offerings (ICOs), a radical form of fundraising powered by cryptocurrencies that have been outlawed in China and other ‘illegal’ crypto crowdfunding. Operators using terms like “financial innovation” or “blockchain” to solicit investments are actually conducting “fraud, pyramid schemes” the regulators warned
https://www.ccn.com/china-crackdown-after-beijing-guangzhou-hub-bans-cryptocurrency-events/
