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China, known for its strict bans on Bitcoin (BTC) and cryptocurrencies, continues to take harsh measures.
China, which is once again in the news with another ban, will this time ban online cryptocurrency marketing.
Eight Chinese government departments, including the People’s Bank of China, have announced a ban on online marketing services related to the issuance and trading of cryptocurrencies.
Accordingly, eight Chinese government agencies, including the People’s Bank of China, have published “Measures Regarding the Management of Online Marketing of Financial Products.” These measures will come into effect on September 30th.
From September 30th, only government-approved platforms will be allowed to conduct online marketing for cryptocurrency-related activities. This change means that online marketing of financial products will be limited to licensed institutions and related platforms.
With this move, Chinese authorities reaffirm that the issuance and trading of cryptocurrencies fall under the category of illegal financial activities, while promotional activities related to cryptocurrency services by institutions and individuals are completely banned.
*This is not investment advice.