Authorities in Shanghai have closed down blockchain themed conference that was in progress without giving any reason.
The Global Fintech and Blockchain China Summit 2018 was organized by PTP international. In attendance were people from different parts of the world. Soon after the police stormed the venue, the morning session, which was still in progress, was halted. After this, the afternoon session was canceled. The attendees were left in suspense and were still around the conference venues even when the police closed the summit.
In attendance were blockchain elites from all over the world who came to participate in the summit. The summit attendances come from mutual gold companies, blockchain technology companies, government departments, trade associations, research institutes, fintech companies, digital cryptocurrency related companies and blockchain application companies.
The blockchain elites present were there to discuss the different opportunities available that blockchain technology could impact and create more business opportunities. The summit was also to touch on future challenges and create a platform for entrepreneurs and technology developers to communicate. The main event was to feature keynote speeches, exhibits from financial institutions, panel discussion, government, and cryptocurrency projects.
Reasons for the Shanghai Blockchain Conference shutdown
Although the police have not yet realized any reason as to why they closed the meeting, there are rumors online that the meeting was closed because of investor complaints. The investors reported to the police about an ICO project they had invested in and lost a lot of money. The same project they lost money in was presently participating in the summit.
On their part, PTP international had this to say
“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.”
They went on to advice their attendees not to listen to the rumors online and that the summit was legal. There have been fears that China is tightening its grip on the clampdown towards ICOs.