China Banned Crypto Events in Guangzhou
Why Guangzhou is banning cryptocurrency?
Guangzhou is considered to be the nearby city to Hong Kong and in there all kinds of cryptocurrencies and their system remains banned or closed. The reason is still unavailable among this news but on recent researches it was concluded that China’s economic sites and zone find this system unmatched. According to them, rules and regulations of this system is very restrictive and less conservative therefore this system doesn’t match with their current system in banks. Development District of Guangzhou suggest and send a legal notice for banning this system on last Friday. This notice is about maintaining the financial system of their banks in the terms of stability. From now this Notice gone stopped without mentioning the main reason of banning this. Read more here.
On August, Beijing also support the idea of banning cryptocurrency in their city too. They act more badly than Guangzhou as they issued a notice to all of their hotels and big building offices to not host any kind of seminars or events that are linked with promoting the system of cryptocurrency. They simply refuse to use and apply the system of cryptocurrency in their banks as they consider their currency more worthy then the blockchain system and cryptocurrency.
Review about ICOs on China’s decision:
Latest reports on this topic suggest that China’s behaviour on the account of cryptocurrency is somehow positive and good for their economic status as by refusing the use of system they prevent their system from hacking and fraud. ICOs that us named as Initial Coin Offering suggest that the system of cryptocurrency may produce a situation of outlawed and disturbance in the environment of China therefore they oppose the idea and use of cryptocurrency in their country. They want to keep their system away from unethical kind of problems. Financial innovation of the China is considered to be the best and most advance than any other country because their system is error free and fool proof too. Regulators of the company was in oppose while using this mega project and denied its verifications. They payments that paid by crypto card and best cryptocurrency debit card, according to them may be composed of pyramid schemes such as scam or fraud.
Chinese authorities produce A Big Crackdown!!! Why?
According to some ethical and useful reports it was concluded that the officials of Chinese government and their main authorities puts on a big crackdown towards those organisations and companies in their country which uses and applying the phenomena of cryptocurrency onto their entire system. Due to some security issue some companies loosen their licence and paid fine for hosting events that are truly based on cryptocurrencies. Trading activity also consider this main fact of China and this has been dented for choosing this system as their own.
Policies for banning cryptocurrency in China:
Many researches were conducted in order to make policies that banned system of cryptocurrency in China for lifetime. From last few months different apps were made which pay millions of dollars to support the idea of banning cryptocurrency. Blocked users that supports this system was also deducted from the system and make a clear way for the new comers to join the official team of Chinese government.
Many reports concluded that financial development authority FDA strongly recommend all the banks to not choosing that system or not participate in that event which supported the system of cryptocurrency. All the units of banks in China understand the worth of business and economy, therefore they only use their own system instead of using other system like cryptocurrency. If you would like to read more about banning cryptocurrency in China visit this article.
Cryptocurrency banned! Why?
Official government of China banned the use of cryptocurrency in their system and their use in all banks. The reason for banning this in their system is to prevent the right of public property and also guard their official currency. Their system also prevents the Money laundering and other theft proceedings. The security and stability of the system of Chinese government are well established and arranged.
Crackdown for cryptocurrency:
From the media and news agencies it was confirmed that Chinese government is going to crack down on the use of cryptocurrency in their country. By Crowdfund Insider, more than 100 companies and offshore properties of people are banned due to using the system of cryptocurrency in their companies. They also banned the system of cryptocurrency in the field of cryptocurrency, as they banned major exchange companies named Binance, Bitfinex, Houbi and OKEx. These are all exchange companies that work on the system of cryptocurrency that’s why China put complete banned with business as well as exchange issues with these companies.
Another report suggest that some companies do their business online and exchange their profit and income in the form of cryptocurrency therefore, Chinese government passed a policy and deleted all these online forums in order to make their system error free and cryptocurrency free. They restricted any possible way through which the system of cryptocurrency could be used.
This mega crackdown of China leads the system of cryptocurrency to take step on another country like Singapore and apply their system on that country and its banks. Project of ICO also puts some serious questions on using the system of cryptocurrency by some specific banks and companies.
China does not only ban the system of cryptocurrency on their economic sector instead they also apply this rule to the companies and banks of domestic level to. They issued a warning notice towards those companies and banks that are directly or indirectly affiliated with the business of cryptocurrency. Crypto related transactions are also deleted and banned in all the banks and industries in the land of China.
Purpose of “Great Farewell”
In China, throughout every year they held a great event that is hosted by the main officials and owners of Chinese government. The purpose of organising such big event is too aware their country people for not using such cryptocurrency system in their regular use or in any other use.
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