Reading: China Officially Bans All Crypto-Related Commercial Activities

News

China Officially Bans All Crypto-Related Commercial Activities

Bhushan Akolkar | Aug 22, 2018 | 14:00

China News

China Officially Bans All Crypto-Related Commercial Activities

Bhushan Akolkar | Aug 22, 2018 | 14:00


China’s most popular messaging app, WeChat, has been asked to shut down the accounts of several blockchain and crypto-related news outlets as new regulations are enforced. 


China Makes Ban Official

According to the latest tweet by Dovey Wan — the Managing Director of Dhanua Capital, a California-based venture capital fund — the Chinese government authorities have released an official order asking to ban all the cryptocurrency-related commercial activities and events.

As China has already introduced a blanket ban on all crypto trading and exchange operations, the latest ban circulates more around communication channels spreading the ‘crypto word.’ The new order follows the latest closure of several crypto-focused news outlets having their official accounts on WeChat.

Shut Down A Part of New Regulations

By Tuesday evening, nearly eight cryptocurrency-focused news outlets closed their official WeChat accounts. The reason cited is that the news channels have been violating the newly issued guidelines by China’s top internet watchdog, the Cyberspace Administration of China. Some of the popular news outlets include Lanjiner, Jinse, Huobi, and Deepchain.

Earlier this month, on August 7, the Cyberspace Administration of China introduced the ‘Temporary Regulations on the Development and Management of Public Information Services for Instant Messaging Tools’ guidelines — the reason for this latest crackdown on popular communication networks.

China Should Create Its Own Cryptocurrency 'As Soon as Possible'

Tencent, the parent company of WeChat, has officially confirmed, saying that the shutdown is permanent as the crypto news outlets are “suspected of publishing information related to ICOs [initial coin offerings] and speculations on cryptocurrency trading.”

The new rules also ask the content providers using chat apps to comply with the ‘public orders’ and ‘national interests.’ It also states:

Users of instant messaging tools serving in public information service activities shall abide by relevant laws and regulations. For instant messaging service users who violate the agreement, the instant messaging service provider shall take measures such as warning, restriction, suspension, and closure until the account is closed, and save the relevant records and fulfill the obligation to report to the relevant competent authority.

Despite a clampdown on crypto-trading and exchange operations last year, Chinese blockchain news outlets have been gaining in popularity — with millions of daily viewers. Some of the news platforms also received massive venture capital funding to expand its operations, though remaining under the scrutiny of the Chinese government.

Earlier this year, local publication People’s Daily — considered the mouthpiece of the Chinese Communist Party (CCP) — claimed that media and news outlets have a role to crypto market manipulation.

It looks as if the Chinese authorities are in no mood to stop anywhere until they diffuse any and every crypto-related activity taking place in the country.

Can Chinese authorities really ban all sorts of crypto-related activities? Share your thoughts below! 


Images courtesy SecurityxT, Twitter, Shutterstock


Show comments