Beijing Bans Venues from Hosting Crypto Promotion Events

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Shopping malls, hotels, restaurants, and office buildings in downtown Beijing have been ordered not to provide venues for activities that promote cryptocurrencies.

A document, first circulated online on Wednesday, indicates that the district government has now banned commercial properties from hosting events relating to “cryptocurrency talks and promotion.” The missive appeared to have been issued on Aug. 17 from the financial service department of Beijing’s Chaoyang district.

An official from the department confirmed to CoinDesk on Wednesday that the document is authentic, adding that it was issued due to recent observations of promotional activities hosted in commercial properties. The official did not give further details.

Based on the document, however, the financial service department intends the action to protect the financial safety of the public, to strengthen the position of Chinese yuan as the legal currency in China and to stabilize the country’s financial system.

“We now order every shopping mall, restaurant, hotel and official building not to provide venues for any events that promotes or talks about cryptocurrency, and must report to the authority if such activities were found,” the document states.

The release comes as the latest instance in which cryptocurrency-related events in China have been placed under regulators’ scrutiny.

In April, a blockchain-themed conference underway in Shanghai was abruptly halted by police and then cancelled. Rumors emerged at the time it was due to the presence of an initial coin offering project booth at the event.

The news also follows a crackdown on the presence of Chinese cryptocurrency media on the messaging giant WeChat, as reported by CoinDesk yesterday.

Chaoyang, Beijing, image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.



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