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Is A Government Crackdown The Reason Behind Beijing’s Commercial Crypto Ban?

Business venues situated in Beijing’s busy downtown locale have been restricted from facilitating digital currency events, spark up conjecture about whether China’s legislature is moving to fix the noose on the business, which keeps on flourishing regardless of last year’s trade ban.

As indicated by a report published on Chinese-language outlet QQ, local authorities in Beijing’s Chaoyang region have circled a request, dated Aug. 17, cautioning organizations, for example, office buildings, hotels, and shopping malls that they should not have events that promote digital currencies, driving two such organisations to cancel their already booked events.

Superficially, the new confinements appear to be gentle, and numerous onlookers, including Malcolm Lerider, senior R&D administrator at the China-based NEO, recommended that it would have very little effect on the more significant cryptocurrency industry in Beijing, let alone the entire nation.

In any case, Dovey Wan, Managing Director at funding firm Danhua Capital (DHVC), said that she believes that the request is an addendum to the previous year’s cryptocurrency ban.

She clarified:

“Chaoyang is an exceptionally emblematic locale, what’s considered as the ‘focal point of the center power’. Likewise the spread of accounts in administrative condition does not require an official national wide records in China, this as of now sets the tone.”

Wan additionally noticed that Chinese regulation authorities ordinarily check the viability of such laws/rules every anniversary. The commemoration of China’s digital currency crackdown, Sept. 4, is rapidly drawing closer, and she said that she is concerned that the clampdown on open digital currency advancement could be a sign of further government activity.

However, it is to be noted that the order was issued just after a few local media agencies reported that the social media biggie WeChat had banned media outlets which focussed on cryptocurrency. This could pose a threat to a once thriving local digital currency industry given the pervasiveness of the communication channel of the region.

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