After Shanghai Police Department suspended The Global Fintech and Blockchain China Summit 2018 during the event’s morning session, the conference organizer PTP International quickly issued a statement saying that “We are still investigating the reasons of the halt. And so far the explanation offered by the police is due to security risk. We are working on a solution regarding how to make up for event attendees. The conference is in compliance with the regulation in China and does not feature any ICO roadshow.” However, the local authority has not clearly disclosed the real reasons for shutting down the international conference which have attracted hundreds of elite business executives and industry leaders from all over the world.
In recent months, state-controlled media has increasingly focused on exposing Chinese ICOs that have been allegedly committing fraudulent activities; many Chinese investors have been caught in blockchain and ICO hype, some of them obviously lost money. Government has been nervously watching Chinese ICOs that went underground or offshore. Since President Xi has become China’s “permanent” leader, maintaining political stability is a serious business for local governments. International blockchain events without government endorsement may face unknown risks in China.
To learn more about Chinese policy and regulatory requirements toward blockchain and cryptocurrency, join us at our US China Blockchain and Digital Currency Conference in Los Angeles on August 22.