China’s Crypto Ban Is Spreading
Last week, in an article you can read HERE, we talked about China lowering the ban hammer on the Chaoyang District. The ban basically stopped commercial companies from advertising or promoting crypto events. The ban included online advertising of ICOs and trading services as well as physical events such as conferences and ICO parties. Now that ban has been extended to the Guangzhou Development District—a special economic zone in southern China, close to Hong Kong.
SPREADING THE BAN
When the first ban went up, everyone made a point to say it was just the one district. That was true, but a little foresight would make it clear to anyone it was going to spread. China has been cracking down on crypto steadily over the last year, all while pumping millions into blockchain technology and research.
From banning crypto trading related content on WeChat to one of China’s major search engines, Baidu, closing several crypto related chat forums, it is clear China’s stance on crypto. China is such a large player in the financial markets that each time they bring about a new restriction or ban, the effect is felt across the crypto market. It will be interesting to see the next district to be “saved” by this crypto ban.