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Companies on denial mode as China restricts Bitcoin or Blockchain Services


Jan 17, 2018 Posted /  9657 Views


Companies on denial mode as China restricts Bitcoin or Blockchain Services

Since China officially banning the ICOs, cryptocurrency exchanges and bitcoin mining several companies who had been operating under clouds have denied having any kind of Bitcoin or blockchain services. When Xunlei was interrogated about Initial Miner Offerings (IMO), many public companies explained that they are not tapping into blockchain space. A Shenzhen-based bitcoin miner-manufacturer issued a proclamation declaring that the business hasn’t garnered many gains for the company.

Taking off from the Blockchain work

Lately, Shenzhen Kaifa Technology (KAIFA), a global leading electronics manufacturing services provider which produced 150,000 bitcoin miners this January for domestic mining companies disclosed their financial information on January 14.  The company positioned the information statement on the company’s website clarifying that it is not a blockchain company.

“We have noticed the sentiments about blockchain are very high, but the company has yet to research and develop the technology. KAIFA is a bitcoin miner-manufacturer for domestic bitcoin mining giants, but the business is not profitable as it was just started three months ago.”

Notably, KAIFA’s shares (000021.SZ) escalated over 15% in the last three days, however; the populous considered KAIFA as a blockchain technology. The company distinguished that they are functioning on the probable cooperation over blockchain projects with renowned companies, but there are vague reservations to ponder upon.

The Denial Mode is on

This month was full of rumours and there were reports citing that IDG Capital and Blockchain Company Circle will contribute to Sichuan Shuangma Cement Company (stock:000935) to develop blockchain. These messages have floated the reputation of the company in the market and the media gave it a fair amount of spotlight. Nonetheless, the Sichuan-based company announced this weekend that they are not yet in a mood to develop blockchain-related services and have no affiliations with IDG Capital and Circle.

And the denial game continued when U9 Game last Friday came up with an announcement that they were only into reporting and circulation of information pertaining to blockchain industry or bitcoin on its news site and stressed that the company have no devices to host resources for any blockchain projects. In addition, two more public enterprises have also taken down the possibilities to compete in the blockchain market and have warned contributors of the risks pertaining to blockchain projects.


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Tags: restricts Bitcoin China Blockchain Services

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