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Chinese officials shut down high-profile blockchain center

Published 07/10/2021, 01:37 PM
Updated 07/10/2021, 02:00 PM
© Reuters.  Chinese officials shut down high-profile blockchain center
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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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