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Chinese officials shut down high-profile blockchain center

CryptocurrencyJul 10, 2021 02:00PM ET
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© Reuters. Chinese officials shut down high-profile blockchain center

The China Blockchain Application Center has been shut down by the Beijing Municipal Civil Affairs Bureau for allegedly disrupting “the management order of social organizations.”

According to an official announcement from the bureau on June 21, the research center, a local chamber of commerce, and an educational institution have all been directed to cease operations.

China Blockchain Application Research Center", "Huameng Beijing Chamber of Commerce" and "National Happy School Community" carried out relevant activities in the name of social organizations without registration, disrupting the order of social organization management.
The order to cease operations may not be unconnected with China’s renewed efforts to clamp down on crypto mining and trading activities. The region’s tough stance on cryptocurrencies has foiled the plans of several crypto-based companies in the region. A few days ago, Binance has been sent packing from Chinese cyberspace. Similarly, the International Blockchain Consulting Group (IBC) recently shut down its entire Bitcoin and Ethereum mining operations in China, BTC PEERS reported.

Interestingly, amid China’s ongoing crackdown on cryptocurrencies, the Asian nation is actively pushing its digital Yuan project. The country is arguably leading the development race for central bank digital currencies (CBDCs).

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Chinese officials shut down high-profile blockchain center
 

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Comments (2)
Free Will
Free Will Jul 10, 2021 2:12PM ET
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is it only Chinese government who dumps Bitcoin to show it's "not stable", or there are also additional governments do the same as well?
Johnny Crash
Johnny Crash Jul 10, 2021 2:10PM ET
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BanditCoin Bitcon should be made illegal everywhere. The only use is ransomware
 
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