Chinese Government Bans All Cryptocurrency-Related Business Exercises

The Chinese government authorities have released an official order requesting to ban all the cryptocurrency related business exercises and events.

As China has just presented a blanket ban on all crypto exchanging and trade activities, the latest ban flows more around communication channels spreading the ‘crypto word.’ The new order follows the closure of a few crypto-centered news outlets having their official accounts on social media.

Shut Down A Part Of New Regulations

By Tuesday evening, almost eight cryptocurrencies focused news outlets were shut. The reason cited is that the news channels have been disregarding the recently issued rules by China’s top internet watchdog, the Cyberspace Administration of China. Some famous news outlets incorporate Lanjiner, Jinse, Huobi, and Deepchain.

Prior this month, on August 7, the Cyberspace Administration of China presented the ‘Temporary Regulations on the Development and Management of Public Information Services for Instant Messaging Tools’ rules — the explanation behind this most recent crackdown on the popular communications network.

Tencent has formally affirmed about cryptocurrency ban, saying that the shutdown is perpetual as the crypto news outlets seem to be associated with publishing information related to ICOs [initial coin offerings] and speculations on cryptocurrency trading.

The new standards state, “User of instant messaging tool serving in the public information service activities will comply with relevant laws and regulations. For instant messaging service users who disregard the assertion, the texting service provider will take measures. For example, warnings, restriction, suspension, and closure until the account are shut, and save the applicable records and satisfy the obligation to report to the relevant competent authority.”

As reported by Bitcoinist, regardless of a clampdown on crypto-exchanging and trade activities a year ago, Chinese blockchain news outlets have been gaining in popularity— with a huge number of day by day viewers. Some of the news platforms additionally got huge investment financing to grow its tasks. However, they will stay under the scrutiny of the Chinese government.

After the cryptocurrency ban, it looks as if the Chinese authorities are in no mood to stop anyplace. They will surely diffuse any and every crypto-related movement occurring in the nation.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Vincy is a believer in technology. She produces updates on digital currency and covers the development of blockchain technology. She reaches her audiences with unique and captivating content. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy the website.

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