China’s ban on crypto continues across the country as the Guangzhou Development District is next to be hit.

What’s going on?

China’s Ban on Crypto Continues

Last week, a very similar ban was imposed in Beijing’s Chaoyang district, whereby venues were handed out fliers detailing a prohibition against commercial venues hosting crypto-related events. Venues such as hotels, bars, and clubs were targeted.

Now today, local media outlet Jiemen has reported that the same ban has been extended to the Guangzhou Development District—a special economic zone in southern China, close to Hong Kong.

The reason given for the ban is the need to “maintain the security and stability of the financial system.”

China is Clamping Down

It’s too early to foretell the ramifications of these bans, but if we look at China’s recent actions toward cryptocurrency, the superpower is really trying hard to further clamp down on the digital assets.