Despite China’s controversial and aggressive regulatory stance on cryptocurrencies, the 'Yitai Hotel' is the first Chinese hotel to accept Ethereum as a form of payment is set to open, according to local news sources.
The owners are not only pro-cryptocurrency but believe in blockchain and its ability to change the world, and hope that this business creates more awareness worldwide about the technology, as well.
China has been giving mixed signals about blockchain technology and the cryptocurrency markets for some time now. In one of the more obvious anti-cryptocurrency moves; the country banned ICOs, citing fraud concerns as one of the main reasons for the crackdown.
China’s Stance on Cryptocurrency Regulation
While there have been many countries that have been clear that they are concerned about the lack of regulation in the cryptocurrency markets, many in the cryptocurrency community view China’s moves as much more severe, citing incidents last year where cryptocurrency exchange executives had their travel restricted.
There are many countries that view cryptocurrency in a negative light. However, China’s stance has appeared hypocritical to many, as a report earlier this year pointed out that almost half of China’s state-owned banks deployed blockchain technology last year, suggesting that they see value in the technology with respect to the financial sector.
However, China has not outright banned cryptocurrency in general, and just recently, a Shanghai District Court recognized ether as “general property”, and should be protected by law as such.
It is clear that while China’s government and regulators might not be pro-cryptocurrency; many cannot deny the fact that industries are adopting it, and the opening of the new hotel in Ngawa – a very popular tourist destination – would support this theory.