Guangzhou tech hub follows Beijing's footsteps, bans cryptocurrency events
The development comes days after the authorities in Beijing's Chaoyang district issued a similar notice.
August 30, 2018 / 07:00 PM IST
A special economic zone (SEZ) in Guangzhou, China is following Beijing's financial district in banning activities that promote cryptocurrencies.
According to local news reports, the finance department of the Guangzhou Development District issued a notice to local businesses on August 24, banning them from hosting any crypto-related events or promotions.
The development comes days after the authorities in Beijing's Chaoyang district issued a similar notice to hotels, shopping malls, restaurants and official buildings, according to a report by CoinDesk.
Authorities in Guangzhou have said that the aim is to strengthen the Chinese yuan's position as the legal currency in the country and to stabilize the country's financial system.
The government of Guangdong province, where the city is situated, has opposed the step taken by the Guangzhou government. The provincial government had earlier published a notice ordering municipal and county-level governments to speed up the process of rolling out policies to support blockchain startups and accelerate adoption of applications related to the technology.
Guangzhou was established in 1980s as one of the country's first SEZs. The district is considered a hub for technological development in southern China.