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China: Government instructs venues not to host cryptocurrency events

China: Government instructs venues not to host cryptocurrency events

August 27, 2018 6:02 am,

Cryptocurrency adoption in China has hit a new roadblock as the district government in Beijing has officially banned commercial properties from hosting any crypto-currency event, including “crypto-currency talks and promotion.”

The document, circulated online, stated that district government has instructed restaurants, shopping malls, restaurants, and office buildings in the city to not provide their premises for any activity related to promotion of cryptocurrencies. The circular or document was issued on 17th of August from the Beijing Chaoyang district financial service department.

A report in a local newspaper said a department official confirmed the authenticity of the circular. He added that the document is real, and the instructions have followed as a result of some recent observations gained from promotional activities that took place in commercial properties. The official did not give further details.

Based on the document, however, the financial service department intends the action to protect the financial safety of the public, to strengthen the position of China and also to establish the national currency – Chinese yuan, as the sole legal currency in China.

The document also stated saying that, “The legal currency of China is Chinese yuan and we also order all the shopping mall, restaurant, hotel and official building in China not to provide venues or places for any events that promote or talks about crypto-currency, and if there is any event or promotion then it must report to the police or the government authority if such activities were found in any of this places.”

In April this year, a conference based on blockchain in Shanghai was stopped by the police and then canceled. Rumors emerged at the time it was due to the presence of an initial coin offering project booth at the event. Chinese crypto-currency media on China’s messaging giant WeChat was also under the government scanner.