Cryptocurrency

Guangzhou Development District bans all crypto related promotional events

A financial economic district in Guangzhou, the Guangzhou Development District, has followed the movement of Beijing in banning all forms of cryptocurrency related promotional events. This includes promotional events for ICOs and blockchain related projects. The ban notifies all businesses such as restaurants and hotels to ban any events that fall into this category. The reason for the ban is due to the high number of fraudulent projects hosting fundraising events in hopes of stealing investors money. The Chinese government has been very proactive in protecting investors during the rise of digital currency. There has been a recent influx of scams as I mentioned was a key takeaway from our recent blockchain conference in Los Angeles, which may have contributed to this recent ban. China looks to continue restricting all things cryptocurrencies which will only increase the ultimate demand of individuals needing digital currency.

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