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Chinese Police Suspend Blockchain Conference in Shanghai - Organizer

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

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