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China Crackdown Forbids Hotels, Malls, Offices from Cryptocurrencies

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China

The empire struck crytpocurrencies exactly when they were just struggling to recover from the blow of the altcoin apocalypse. China has opted to continue its relentless crusade against the digital assets universe this week. Zheping Huang of South China Morning Post verified online documents speaking of continuing crackdowns by the Beijing government on cryptocurrencies.

The Chaoyang District is home to many places that host cryptocurrency events. Apparently the Chinese government recently gave orders that all hotels, shopping malls, and also offices there are now affected. They are all forbidden from hosting any digital assets type of events. This as the hard line government of President Xi Zhen Ping banned all social media websites pertaining to cryptocurrency news. Needless to say, China was never much of a friend to Bitcoin and the altcoin universe. They are certainly a committed enemy to the space right now.

China Prosecutes Its War on the Digital Assets With Renewed Determination

The Chinese show dogged determination in their prosecution of the war on all things cryptocurrency related. Their ultimate goal is to ensure that the typical Chinese citizen cannot utilize digital assets.

Wechat a major social media app in China, got orders to take down nearly a dozen cryptocurrency media firms from the platform. Beijing has also ordered all city hotels to cease and desist from hosting cryptocurrency affiliated events.

These are not the first Chinese attacks on the digital universe by a long shot. In September of 2017 Beijing moved to outlaw all ICO initial coin offerings. Ironically, while national government of China is staunchly against all digital assets, it wholeheartedly welcomes the blockchain technology.

It means a loophole is open for those cryptocurrency operators who are savvy enough to realize and take full advantage. Any firm that wishes to continue operating in this space in the Middle Kingdom must alter their focus. They must instead concentrate off cryptocurrencies and on to blockchain development and sales. It turns out the Chinese national government of President Xi may not be as smart and sophisticated as previously thought.

 

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