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Cryptocurrencies

China restricts Bitcoin marketing

Monday 9 January 2017 | 12:52 PM CET

The People`s Bank of China (PBoC) has had held closed-door meetings with domestic Bitcoin exchanges, seeking to restrict Bitcoin marketing strategies.

The PBoC wanted to restrict the way the exchanges could acquire potential new users, indicating that the startups are not able to mention the depreciation of the yuan in connection with marketing or otherwise promote their services offline.

Some of the involved exchanges were said to have cancelled planned activities that would have potentially utilized such a strategy, according to CoinDesk.

Furthermore, exchanges were advised to comply with know-your-customer (KYC) and anti-money laundering (AML) laws, and to refrain from using automated trading bots to boost volume, according to translation provided by Eric Zhao, from the Chinese Academy of Sciences.

Regarding how these restrictions impact blockchain deployment in China, it seems that such instructions do not appear to have been given to startups working on blockchain projects or implementations using the distributed ledger technology behind Bitcoin or alternative cryptographic tokens.

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