Cryptocurrency Events Banned at Beijing Central District Hotels, Malls

A central district in Beijing has ordered all hotels, shopping malls and offices not to host cryptocurrency events.

The central district of Chaoyang in China’s capital Beijing has issued a notice telling hotels, shopping malls, and office buildings in the area to refrain from hosting cryptocurrency events, South China Morning Post confirmed.

The daily quoted a staffer with Chaoyang’s financial authority who said the notice was issued after a foreign digital currency exchange held an event in the area last week.

It noted that the move, coupled with WeChat's decision to shut down several blockchain-related accounts, underscored China’s renewed crackdown on activities related to the digital currency space.

The two moves also highlight Beijing’s seriousness in pursuing a tough stance on digital currency trading after issuing a total ban on initial coin offerings (ICOs) and cryptocurrency trading in September last year.

Despite recent initiatives by China to adopt blockchain technology in the real economy, the ruling communist party wants to make it clear it still does not agree that retail investors should be exposed to cryptocurrency investing because of the risks involved in it.

The SCMP said Huobi, a Beijing-based cryptocurrency exchange, and one of the largest in the world, said the WeChat shutdown of its news accounts is a “broad action targeting industrial media”.

Last week, the Communist Party of China published a primer on distributed ledger technology (DLT) titled “Blockchain – a Guide for Leaders” aimed to serve as a guide for government officials.

People’s Daily president Ye Hao, the Party’s news outlet said:

“The biggest significance of blockchain technology at present is its operating mechanism. Through the ingenious combination of technologies, it can achieve the fair distribution of resources, thus ensuring that the community has consistent goals, and members have behavioral norms. This provides us with a new approach to examine problems, and come up with solutions."

The news outlet also published a commentary in March, alleging blockchain news outlets of posting articles to manipulate digital currency prices and promote ICO projects.

Part of the commentary reads:

“These ‘media' outlets have made a huge fortune in the speculative waves of cryptocurrencies, but due to their nature, it's doubtful how long their barbaric growth can keep on going.”