Major Chinese Blockchain Event Halted by Police
- The event involved hundreds of attendees and companies; reason for raid still unclear.
Local sources have confirmed to Finance Magnates that a major cryptocurrency conference in Shanghai has been halted by police.
The event - '2nd Global Fintech & Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term China Summit 2018' - began on Thursday at 08:30 local time, and was reportedly halted by police at around midday. According to a local news source, many attendees were unsure of what to do and continued to hang around the premises.
Source: Yiming Network
Source: Yiming Network
The event website claims more than 1,000 attendees and presents a guest list of over 150 financial services companies and 50 media outlets. The agenda includes (or rather, included) product demonstrations from more than 30 technology startups and 56 booked speakers, of which a rough majority are CEOs.
An industry award ceremony was also scheduled for later in the day. The application process for these awards apparently began on the 9th of March, so the event has been in the works for a while.
The website says: "We aim to create a global network of entrepreneurs and developers in the fast-evolving blockchain economy, to explore the new business models and unrecognized opportunities in the blockchain world, We are fully convinced that this summit will empower the creation of the new technology-driven financial eco-system and reconfiguration of the future by the blockchain technology."
The reason for the raid is still unconfirmed, but the police are claiming 'public security' as an excuse for halting the event. There are rumours in social media sources that police were informed of a fraudulent ICO project that would be taking part.
The event organiser PTP International said: "We are still investigating the reasons of the halt, and so far the explanation offered by the police is due to security risk. We are working on a solution regarding how to make up for event attendees. The conference is in compliance with the Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term in China and does not feature any ICO roadshow."
Background
Over the last few days, news from China has not been positive for the cryptocurrency industry. The central bank released a clear statement that it would be continuing and even ramping up its restrictive measures, and a major online marketplace widened its ban on cryptocurrency-related products, apparently in an effort to show compliance.
Local sources have confirmed to Finance Magnates that a major cryptocurrency conference in Shanghai has been halted by police.
The event - '2nd Global Fintech & Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term China Summit 2018' - began on Thursday at 08:30 local time, and was reportedly halted by police at around midday. According to a local news source, many attendees were unsure of what to do and continued to hang around the premises.
Source: Yiming Network
Source: Yiming Network
The event website claims more than 1,000 attendees and presents a guest list of over 150 financial services companies and 50 media outlets. The agenda includes (or rather, included) product demonstrations from more than 30 technology startups and 56 booked speakers, of which a rough majority are CEOs.
An industry award ceremony was also scheduled for later in the day. The application process for these awards apparently began on the 9th of March, so the event has been in the works for a while.
The website says: "We aim to create a global network of entrepreneurs and developers in the fast-evolving blockchain economy, to explore the new business models and unrecognized opportunities in the blockchain world, We are fully convinced that this summit will empower the creation of the new technology-driven financial eco-system and reconfiguration of the future by the blockchain technology."
The reason for the raid is still unconfirmed, but the police are claiming 'public security' as an excuse for halting the event. There are rumours in social media sources that police were informed of a fraudulent ICO project that would be taking part.
The event organiser PTP International said: "We are still investigating the reasons of the halt, and so far the explanation offered by the police is due to security risk. We are working on a solution regarding how to make up for event attendees. The conference is in compliance with the Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term in China and does not feature any ICO roadshow."
Background
Over the last few days, news from China has not been positive for the cryptocurrency industry. The central bank released a clear statement that it would be continuing and even ramping up its restrictive measures, and a major online marketplace widened its ban on cryptocurrency-related products, apparently in an effort to show compliance.