One latest decision which can disturb the Chinese regulators is that a freshly opened hotel declared that it will accept payments in Ether.
Ethereum Hotel, based on the establishment has opened doors at the National Scenic Area of China’s Sichuan province, becoming the first hotel in China which accepts cryptocurrency. Local authorities have strictly banned commercial banks from handling with overseas crypto exchanges and OTC trading platforms, ordering financial institutions to censor transactions which are assumed to be connected with crypto-related businesses.
The owners of the hotel haven’t provided any details about how they will handle regulations which are imposed by the government.
Photos from the inside of Ethereum hotel also displayed a Bitcoin art at the reception lobby. This ensures that it will also accept top cryptocurrency.
Some new photos of the “ETH Hotel”, China’s first hotel to accept $ETH payment. There’s Bitcoin inside too!
— cnLedger (@cnLedger) September 28, 2018
Until now, there is no reply from the local authorities yet, however, it can’t be positive because the People’s Bank of China has taken responsibility for cryptocurrencies. The Bank has geared-up its research by cutting all the possible ways to stop cryptocurrencies. The Bank is blocking access to the exchanges, banning financial accounts which are linked to cryptocurrencies, and order all the payment firms to monitor and report suspicious transactions.
As per reports, the PBOC has officially banned the cryptocurrency in Chain in September 2017. Many resources and firms along with Hong Kong and Taiwan based digital exchange executive Terence Tsang said that crypto trading in China become very much popular after the ban. The investigation about this is going on by PBOC. But, it is unable to find any result due to the encrypted nature of p2p transactions.
But this doesn’t change the truth that the Ethereum Hotel is welcoming trouble for its newly opened doors. In the present situation, the identity of both the sender and receiver of Ethereum will be known. Hence, it will be simple for authorities to take essential action against the two. It won’t be hard to find the location of the hotel as the owners have described the directions to reach them.
When we talk about legality, there is no PRC regulation which stops Chinese investors from holding or trading cryptocurrencies.