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China Determined To End Cryptocurrency While It Embraces Blockchain

China continues to embrace blockchain even though it banned cryptocurrency promotions and initial coins offerings (ICOs).

It has been almost a year since China officially bans initial coin offerings and cryptocurrency activities. The introduction of these policies drives the exodus of crypto firms and exchanges to more crypto-friendly nations.

Last month, a series of events reported at different regions of China have suggested that the country is very much determined to cripple crypto-related activities within its boundaries. One such event is the announcement by Beijing’s Chaoyang District on August 17. It reveals that cryptocurrency promotional events are not for hosting by business centers in the districts. Later in the same month, a similar ban was announced in one of the zones in Guangzhou.

On the 24th of August, five regulatory bodies in China warns the public about the risks surrounding illegal ICOs including

  1. The Central Cyberspace Affairs Commission,
  2. People’s Bank of China,
  3. Ministry of Public Security,
  4. Banking Regulatory Commission,
  5. Administration for Market Regulation

The announcement went further to criticize international crypto investment firms and start-ups. It targets Chinese investors while reiterating that the operations of offshore crypto exchanges in China are also prohibited.

Tencent the owner of WeChat messaging app announced on the same day that it will be banning cryptocurrency trading on WeChat pay. The tech giant added that it has blocked accounts that promotes Initial Coin Offerings and crypto-related activities that don’t comply with government’s regulations on messaging apps.

China Continues To Blockchain Revolution

On the other hand, blockchain technology has continued to be embraced in China. The continuous implementation of stringent regulations on cryptocurrency has not in any way hindered the growth of blockchain in China. In May, The president of China Xi Jinping had called blockchain a revolutionary tool.

In April, Coinpedia reported that a blockchain industrial park that is partially funded by the government is under construction. The project is reported to cost over 10 billion Yuan, which is equivalent to $1.6 billion. A blockchain expert revealed that on August 28 that about $3.57 billion have been invested in the blockchain.

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Ifeanyi

Ifeanyi Egede is an experienced and versatile blockchain/crypto writer and researcher on with tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids. Learn more about how Ifeanyi Egede could be of help to your business.

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