Chinese Tech Hub Follows Beijing With Ban on Crypto Promotion


A exclusive economic zone in China’s Guangzhou town is adhering to the lead of Beijing’s financial district in banning activities that promote cryptocurrencies.

In accordance to a news report from Countrywide Business Day by day on Wednesday, the finance office of the Guangzhou Improvement District issued a discover to area companies on Aug. 24, prohibiting them from web hosting any crypto-associated promotions or events.

The go comes just days following the authorities authority of Beijing’s Chaoyang district issued a equivalent missive to purchasing malls, accommodations, restaurants and official buildings, as Bit-coinTalk previously reported.

Citing a equivalent purpose to that offered in Beijing, the Guangzhou company mentioned the purpose of the restriction is to “fortify the position of Chinese yuan as the lawful forex in China and to stabilize the country’s financial system.”

Founded by the Point out Council in the 1980s as 1 of the country’s initially exclusive economic zones, the district was set out to be the hub for boosting economic and technological progress in southern China.

When Guangzhou seeks to clamp down even more on cryptocurrency, the authorities of Guangdong province, in which the town is situated, is taking the opposite stance.

Guangdong province printed a discover on Tuesday, issued Aug. 14, that requested municipal and county level governments to pace up the course of action of rolling out insurance policies to support blockchain startups and accelerate the adoption of purposes associated to the tech.

China’s Point out Council, way too, demanded that area authorities pace up blockchain technological innovation progress in May possibly.

Guangzhou image by using Shutterstock

The chief in blockchain news, Bit-coinTalk is a media outlet that strives for the highest journalistic expectations and abides by a rigid set of editorial insurance policies. Bit-coinTalk is an impartial functioning subsidiary of Electronic Forex Group, which invests in cryptocurrencies and blockchain startups.

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