China Bans All Crypto Events After Spending $3 Billion to Fund Blockchain Startups

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The Chinese government has banned all commercial crypto and blockchain-related events in the region, after encouraging local financial authorities to speed up the development of blockchain technology.Red Li, the co-founder of 8BTC and Chinese cryptocurrency researcher, shared a document released by the Chaoyang District government in Beijing, which ordered local financial authorities and police to ban offices and hotels from hosting crypto-related events.Beijing Chaoyang release a file to ban offices, hotels from hosting token-related promotions. pic.twitter.com/vxtyld9q3n— Red Li (@redtheminer) August 22, 2018Why the Ban?Previously, crypto-related events were shut down by local police, during a period in which the government was in process of implementing new regulatory frameworks surrounding cryptocurrency trading.At the time, the government clarified its stance on crypto trading and reaffirmed that while the country supports the development of blockchain technology, it is firmly against trading digital assets on cryptocurrency exchanges.Analysts suggested that the ban was imposed as