The Government of China has effectively banned crypto trading and investment in including news sites, social media accounts, events, and exchanges from last two weeks.
Subsequent to putting an end to virtually all communication and investment channels related to the cryptocurrency market, China has said that it will continue to accelerate blockchain development, doubling down on its $3 billion investment in the technology since the second quarter of 2018.
China has not completely blocked all efforts of public blockchain networks and projects. Last month, the Xiongnu government, responsible for building Chinese President Xi Jinping’s dream city the Xiongan New Area, asked New York-based blockchain studio ConsenSys to develop dApps that can be used within the new region. There is still some hope that China may not ban the launch of ICO. Founded by Ethereum co-creator Joseph Lubin, ConsenSys is the biggest Ethereum-focused blockchain company in the global market with more than 900 employees that have developed applications like MetaMask to improve the usability of Ether.
The Chinese government’s decision to cooperate with Ethereum developers showed a glimpse of hope in the country’s intent to push blockchain innovation.