Business

Ed Drake

Police suspend blockchain conference in China

A blockchain conference being held in China has been disrupted and suspended by police, according to reports.

The Global Fintech and Blockchain China Summit 2018 was interrupted by police in Shanghai, bringing an immediate halt to proceedings and ejecting all delegates from the event. The event, which was scheduled to last the full day, has been organised by conference firm PTP International.

After police intervened during the morning session, the afternoon was cancelled, with all attendees told to leave the premises. The event was scheduled to include presentations from keynote speakers, demonstrations from financial firms and banks, and panel discussions on blockchain issues.

There are few details at present as to the reason for the police disrupting the event, save for some suggestions on Chinese social media site Weibo, which suggests aggrieved ICO investors may have directly reported the event.

While still unconfirmed, the speculation was that investors in a fraudulent ICO contacted the police after seeing representatives from the ICO were scheduled to attend. However, it’s important to stress no official reasons have yet been given.

PTP International denied the suggestions, issuing a statement promising to establish why the event was disrupted in this way:

“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 in China and does not feature any ICO roadshow.”

According to media reports, an update on the firm’s progress is scheduled to be announced by noon Friday, local time in Shanghai.

The news reflects the ongoing hardline attitude adopted by Chinese regulators, in clamping down on cryptocurrency activities, and in particular, ICOs.

Following a spate of failed and fraudulent initial coin offerings in China, authorities outlawed the practice altogether in September 2017, and have rigorously enforced the policy since. While events in Shanghai are still developing, the news will be cause for concern for others involved in the blockchain and cryptocurrency scene in China.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

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