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Despite the controversial and aggressive attitude of Chinese regulation on cryptocurrencies, the "Yitai Hotel" is the first Chinese hotel to accept Ethereum as a form of payment should open up, according to local news sources.
The owners are not just pro-cryptocurrency, but they believe in the blockchain and its ability to change the world, and hope that this business will also create greater global awareness of technology.
China has given mixed signals on blockchain technology and cryptocurrency markets for some time. In one of the most obvious anti-cryptocurrency moves; the country has banned the ICO, citing concerns about fraud as one of the main reasons for the crackdown.
The position of China regarding the cryptocurrency regulation
While there have been many countries that have been clear that they are worried about the lack of regulation in the cryptocurrency markets, many in the cryptocurrency community consider China's moves to be much more serious, citing the incidents last year when cryptocurrency officials had their limited journeys.
There are many countries that see cryptocurrency in a negative light. However, China's position appeared hypocritical to many, as a report at the beginning of this year pointed out that almost half of Chinese state-owned banks implemented blockchain technology last year, suggesting that they see value in the technology compared to the financial sector.
However, China has not openly banned cryptocurrency in general and recently a Shanghai district court has recognized ether as "general property" and should be protected by law as such.
It is clear that while the Chinese government and regulators may not be pro-cryptocurrency; many can not deny the fact that the industries are adopting it and the opening of the new hotel in Ngawa, a very popular tourist destination, would support this theory.
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