China Extends Bans On Crypto, Baidu Told To Shut Down Online Chats

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China Extends Bans On Crypto, Baidu Told To Shut Down Online Chats

Posted on August 30th, 2018 in Government Regulation by Tom Whitbread

China extended its crypto ban on Thursday to Guangzhou, banning commercial venues from holding crypto events entirely. Also in a prior move, Baidu reported they had been ordered to shut down any crypto-related online chat rooms earlier in the week.

The reasoning behind the ban has been stated as a regulators attempt to protect the financial interests of the public, to prevent money laundering and maintain stability in the financial system and for the yuan.

China has been banning crypto activity throughout the hotel industry, banning Beijing hotels from hosting crypto events after WeChat booked several blockchain events for August. Alibaba has also said it would actively restrict or even ban accounts involved in crypto trading.

While the markets absorbed the news, Bitcoin fell quarter of a percent to test the $7k support.

Ethereum and Litecoin took the brunt of the move, shedding 2% at time of writing, XRP also suffered a 1.5% drop