China in surprise crypto ban after spending billions on promotion

China has issued a ban on hosting any token-related promotions in offices or hotels, according to various media reports, some of which referenced a Tweet from Red Li, co-founder of bitcoin forum 8btc. The news comes as a surprise since the government had publicized funding to the tune of $3 billion to speed up innovation in these areas.

Media outlet Coin Rivet wrote that the government has not made it clear why it has gone down this route, but experts believe it could be related to the slowing down of the country’s economy and the steep decline of the yuan, which has lost 5% against the US dollar in five months. Other experts noted that because the government is enthusiastically in favour of blockchain technology and is even mulling the launch of an official cryptocurrency, Chinese leaders are not attempting to prevent the industry from progressing, but rather control its use and implementation.

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