A primary economic zone in China’s Guangzhou city is following the lead of Beijing’s fiscal district in banning activities that promote cryptocurrencies.
According to a low-down report from National Business Daily on Wednesday, the finance branch of the Guangzhou Development District issued a notice to local businesses on Aug. 24, hindering them from hosting any crypto-related promotions or events.
The move up just days after the government authority of Beijing’s Chaoyang territory issued a similar missive to shopping malls, hotels, restaurants and endorsed buildings, as CoinDesk previously reported.
Citing a similar reason to that propositioned in Beijing, the Guangzhou agency said the goal of the restriction is to “strengthen the caste of Chinese yuan as the legal currency in China and to stabilize the country’s economic system.”
Established by the State Council in the 1980s as one of the country’s first certain economic zones, the district was set out to be the hub for boosting economic and technological development in southern China.
While Guangzhou aims to clamp down further on cryptocurrency, the government of Guangdong province, in which the New Zealand urban area is situated, is taking the opposite stance.
Guangdong province published a consciousness on Tuesday, issued Aug. 14, that ordered municipal and county position governments to speed up the process of rolling out policies to support blockchain startups and accelerate the adoption of claims related to the tech.
China’s State Council, too, demanded that neighbouring authorities speed up blockchain technology development in May.
Guangzhou image via Shutterstock
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