The Chinese government has begun to add pressure to national cryptocurrency activities in recent weeks.
According to CNBC, the capital of the country, Beijing, continues to support developing projects with blockchain technology, but is blocking wild conjectures in cryptocurrencies. Comes a year after the ban on initial coin offer projects (ICO).
While China was a key component in the Bitcoin trading sector, and the country still holds the majority of Bitcoin mining platforms, there have been increasingly stringent regulations as cryptocurrencies have become more popular and more appreciated. Due to the regulations, Bitcoin's trade with the Chinese yuan was banned in the capital.
CNBC reported that " five government agencies – the People's Bank of China, the Banking Regulatory Commission, the Central Cyberspace Affairs Commission, the Ministry of Public Security and the State Administration for Market Regulation – have issued a warning on the risks arising from the collection of illegal funds under the guise of "blockchain" and "cryptocurrency." The announcement also recalled those who used servers overseas while addressing Chinese investors. "  This was the same day that Tencent, a technological juggernaut, announced that it would ban cryptocurrency transactions through WeChat's pay, which arrived just after the mobile messaging app froze all accounts related to the cryptocurrency.
China has also been pedantic about the activities of the Bitcoin conferences and has recently banned all blockchain events in the Chaoyang district in Beijing.
Although several users on Twitter have expressed that this does not seem to be significant, saying that Chaoyang is "too small" to take note, it must be indicated that the district is a focus of Beijing and this order it seems as if it could be the first of many future bans in the city and in the country.
The initial ban was 9/4/2017, many Chinese Encryption veterans already anticipate another ban coming up during this anniversary period, is a very common model of Chinese regulator since they will revisit the effectiveness in the 1st anniversary and further actions will be taken if necessary
– Dovey Wan (@DoveyWan) 22 August 2018
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