Fake News: China Did Not End its Cryptocurrency Ban

Rumors are a dime a dozen. Perhaps without fact checking, several sources reported that China lifted its ban on cryptocurrency.

I’m sure it came as a shock to China, too.

Cryptocurrency: Fake News?

“Chinese crypto ban is already in the past, with the recent news reported by CnLedger, a trusted cryptocurrency news source in China, according to which cryptocurrencies have been legally accepted as a payment method by the Shenzhen Court of International Arbitration,” reported one.

Another reported, “China Lifts Bitcoin Ban; Individuals and Businesses can Now Own Cryptocurrencies Legally.” According to this report, ““Chinese court confirms Bitcoin is protected by law. Shenzhen Court of International Arbitration ruled a case involving cryptos. Inside the verdict: CN law does not forbid owning & transferring bitcoin, which should be protected by law because of its property nature and economic value.”

Of course, it attracted a good amount of readers – some of whom believed it.  After all a sucker is still born every minute.

Unfortunately, the story isn’t True

It’s based on outdated information that carries no weight.

As China moves to crackdown on cryptocurrencies, major companies are quickly distancing themselves from digital currency.

In fact, Baidu just joined a growing list of companies doing so.

Baidu recently began filtering, deleting and banning any cryptocurrency-related publications on its Reddit-like Baidu Tieba forum platform. Already, cryptocurrency content on the forums has “disappeared without a trace.”

Widening its Crackdown

It’s not just cryptocurrency firms facing the heat, though.

The country is also going after hotels, office buildings, and shopping malls, as well. None of them can host marketing events involving cryptocurrencies any longer.  The government is also using WeChat to tighten the flow of information on cryptocurrencies.  This is part of a larger effort to regulate social media, an important channel to cryptocurrency traders.

While China isn’t a fan of cryptocurrency, it is a fan of blockchain.

China still supports blockchain technology

The China Internet Report 2018 highlights the country’s efforts to become a blockchain leader.

In fact, President Xi Jinping wants to use blockchain to build a smart city.

Blockchain technology, artificial intelligence, and the Internet of Things are all major components of the “smart cities.”

According to Smart Cities World, “China is taking a more collaborative approach than some countries to smart cities by using the strengths of its top technology companies: Ping An (P), Alibaba (A), Tencent (T), and Huawei (H) to develop the PATH to Smart Cities initiative. So far over 500 cities in China have plans for smart city development.”


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