The Chinese government has announced that all commercial events related to cryptocurrency or blockchain in the region are now banned.
The co-founder of 8BTC, Red Li, posted the document which the government of the Chaoyang District in Beijing on social media this week. The document outlines an order which bans all local hotels and offices from holding any events with a focus on cryptocurrency.
Beijing Chaoyang release a file to ban offices, hotels from hosting token-related promotions. pic.twitter.com/vxtyld9q3n
— Red Li (@redtheminer) August 22, 2018
According to a QQ, a Chinese news agency, the local officials in the district have been acting on the order which went live on 17th August 2018.
Several users on Twitter have expressed that this does not seem to be significant, saying that Chaoyang is “too small” to take notice. However, it can be noted that the district is a hub of Beijing and this order could spell further blockchain bans in the country.
Dovey Wan, the managing director at Danhua Capital – a major venture capital firm – has suggested that this new order is following the national ban on cryptocurrency trade exchanges that the government had put into place earlier this year.
In a thread of tweets, she explained that the district is symbolic within the nation and that the “propagation of narratives in regulatory environment does not need an official national wide documents in China, this already sets the tone.”
The initial ban was on 9/4/2017, many Chinese crypto veterans already foresee another ban coming up around this anniversary time, it’s a very common pattern of chinese regulator since they will revisit the effectiveness in 1yr anniversary and more actions will be taken if needed
— Dovey Wan (@DoveyWan) August 22, 2018
In April of this year, a blockchain conference in Shanghai was interrupted and subsequently shut down by local police owing to “security risks”. Although nothing had seemed to develop from that incident in the months to follow, it now seems as though the national authorities are no longer willing to see any cryptocurrency events held at all.