15:27 GMT28 October 2020
Listen Live
    Get short URL
    0 50

    MOSCOW (Sputnik) - The Chinese police on Thursday halted a blockchain-themed conference in Shanghai over a security risk, media reported citing the event's organizers.

    The police stopped the morning session of the Global Fintech & Blockchain China Summit 2018, while later panels were canceled, the CoinDesk news outlet reported.

    "We are still investigating the reasons for the suspension, and so far the explanation offered by the police is that it is due to a security risk. We are working on a solution regarding how to make it up to the event attendees. The conference is in compliance with the regulations in China and does not feature any [Initial Coin Offering] ICO roadshow," the event organizer, company PTP International, said, as quoted by the news outlet.

    ​Last year, China banned ICOs, which will allow cryptocurrency startups to raise funds by selling off future tokens. Cryptocurrencies rely on blockchain technology, which allows people to time-stamp and verify all transactions on a peer-to-peer network. The information about all operations is stored in a distributed ledger.

    ​Despite the fact, China considers decentralized cryptocurrencies to be a threat to its monetary system, the Chinese government is leading efforts to fund blockchain projects in the country. Within the past two years, China has garnered circa 400 blockchain-related patents, beating all other economies.

    READ MORE: This is How Russia is Utilizing Blockchain to Enhance Democracy


    Google May Roll Out Its Own Blockchain-Based Technology
    Links to Child Sex Abuse & Chats About Money Laundering Found on Blockchain
    CEO of Swiss Company Explains Prospects of Using Blockchain in Elections
    Quantum Blockchain: How Physicists Will Stage a Cryptoworld IT Revolution
    This is How Russia is Utilizing Blockchain to Enhance Democracy
    Blockchain Heaven: Russians Working on Free Crypto Zone to Win Hearts & Wallets
    Blockchain, cryptocurrency, conference, police, China
    Community standardsDiscussion