Following the Beijing authorities, which banned two weeks ago all cryptocurrency-related activities in one of the Chinese capital's district, Guangzhou adopts the similar decision.

The special economic zone of Guangzhou in the south of China imposed a ban on all activities related to cryptocurrencies and ICO promotion, South China Morning Post reports, citing a notice issued on 24 August by the Guangzhou authorities.

The ban is caused by the need to maintain “the security and stability of the financial system”, the statement reportedly reads. Previously, a similar decision was made by the authorities of the Chaoyang District of Beijing.

Earlier, five Chinese regulators in a joint statement warned the public about the risks of investing in fraudulent projects that are de facto financial pyramids, although disguising to develop financial innovations related to the blockchain technology and cryptocurrencies.

Prior to that, the Chinese authorities decided to block access to 124 cryptocurrency trading platforms with foreign IP-addresses. Furthermore, WeChat and Alipay began to cooperate more actively with authorities for tracking and blocking of those accounts that are suspected to be connected with trade in cryptocurrencies and its promotion.