Police Breaks at the Global Expo of Fintech and Blockchain in China

The Chinese authorities have had a very unfavorable attitude towards the virtual currencies ecosystem in the country. Since they banned the Initial Currency Offers (ICO) and the trade of cryptocurrencies through exchanges in September, government entities have remained alert to any activity related to Bitcoin and digital assets that they believe may represent a risk for the chinese population.

Recently, the police interrupted and canceled the Global Expo of FinTech and Blockchain that took place in the city of Shanghai without giving a clear reason, which triggered a series of rumors on the part of the assistants and other characters of the ecosystem.

According to these people, the event was canceled because representatives of a fraudulent ICO, which allegedly lost a lot of money to a large number of investors in the country, had a talk scheduled at the event.

However, the organizing company published a statement in which they deny this rumor and invite not to trust “unscrupulous sources”, alleging that the real reason for the police interruption was to report security risks, and informing that they are still investigating the reasons for the suspension.

According to the official page of the event, this summit focuses on discussing the possible application of Distributed Accounting Technology (DLT) in a wide variety of areas, such as the global payment system, digital identity authentication, the Internet of Things , the management of supply chains and governance, among others.

All these areas linked to the blockchain technology have been explored previously and do not seem to have any problem with the regulations imposed by the Chinese authorities, because what the government is afraid of is the risk that represents for the investors the use of cryptocurrencies and funding systems like ICOs, due to the various frauds that have been committed and the speculation in this market.

The blockchain technology, on the other hand, is accepted and used by the government. A few days ago the creation of the Blockchain Xiongan Global Innovation Fund was announced at the opening of the Blockchain Industrial Park.

This Fund will receive at least 400 million dollars from the local government to finance and advise ten projects that propose to apply the DLT to a variety of sectors, such as cloud storage services and investment management.

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