China restrict coins

 On August 21, a group reporting on cryptocurrencies and blockchain on WeChat was blocked by Tencent. According to the statement, this method was used because the group in question shared information and gave directions about ICOs in violation of the regulations imposed by the Chinese Government. Imprisonment was demanded of those who did not comply with the prohibitions and regulations.

According to a statement issued from the Chaoyang district of Beijing, any attempt to conduct crypto promotion activities is prohibited.

Moreover, according to a statement from People's Daily, Jiangsu Provincial People's government's financial study bureau has expanded its target of special correction for internet financial risks to virtual currencies and ICOs. All these issues reflect the tough stance of the Chinese government towards ICO and cryptocurrency trading.

According to the statement made by the Chinese government, further steps will be taken to oversee and regulate the media regarding the blockchain that will be implemented by the government to cryptocurrencies. Huobi News and Huobi Research Institute reportedly blocked a group of crypto and blockchain-related news outlets, including Jinse.com, BiShiJie News Flash, DeepChain, TokenClub, CoinDaily, Wujie Blockchain, and Dapao. Some unblocked accounts also started self-checking by changing their content. The Chinese government will take action to regulate and oversee the WeMedia APP, some cryptocurrency and blockchain messengers, according to information provided by people who have close relations with supervisory authorities.

Tighter control in WeChat groups

With the increase in the price of cryptocurrencies in the market in the second half of last year, many cryptocurrencies and blockchain-related WeChat groups emerged. Some were hurting investors by making false news about cryptocurrency trading. Taking these groups under special control and protecting the interests of crypto money investors are also among the reasons for the ban.

As a result of the determined regulations, approximately 2,000 WeChat accounts were blocked in the period from March to April.

Local governments in China have also banned activities related to ICO and cryptocurrency trading. It is stated that among the goals of Jiangsu province, ICOs, campus loans and cash loans, as well as all kinds of crypto money trading institutions and individuals will be affected by the blockchain policy.

Finally, a prominent group of financial and social risk prevention and control in the Beijing Chaoyang district issued a statement banning the promotion of cryptocurrencies, stating that shopping malls, hotels, guesthouses, office buildings and other places should not be promoting cryptocurrencies. In addition, with a call made to the public, people who encounter prohibited situations in any way were asked to report this situation to the authorities. As a result of the call, some companies stated that certain people working in their companies were interested in cryptocurrencies and ICOs a while ago, causing some investors to be caught.