All cryptocurrency platforms, including crypto-exchanges, have been successfully banned, a local news outlet 8btc reports citing Guangzhou market regulatory bureau.
According to the watchdog, Guangzhou strictly controls financial risks, suppressing illegal fundraising activities using blockchain and cryptocurrency as tricks, and seeks to promote the healthy development of financial science and technology in the region.
However, strict regulations won't affect the whole blockchain climate in the state.
Previously iHodl reported that the government of the Chinese city of Guangzhou allocated 1 billion yuan (~ $140 million) to boost the development of blockchain initiatives after the General Secretary of the Communist Party of China Xi Jinping said that the country's party should focus on the blockchain technology.
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