China’s ban on cryptocurrency promotional events now extends beyond Beijing – Tech News

Guangzhou’s special economic zone in southern China has banned events promoting cryptocurrencies as the crackdown on digital money extends beyond the country’s capital of Beijing.

The Guangzhou Development District, which was established in the 1980s as one of China’s first special economic zones, issued a notice that banned the hosting of events promoting cryptocurrencies. It cited “maintaining the security and stability of the financial system” as part of the reason.

The notice follows a similar ban ordered on August 17 by Beijing’s central Chaoyang District.

The moves – both restricted to the districts in question – are the latest examples of China’s intensifying crackdown on cryptocurrencies, which began last September with bans on crypto exchanges and initial coin offerings. ICOs are unregulated crowd funding methods involving cryptocurrencies. Despite central government initiatives on adopting blockchain, the underlying technology behind these virtual…