Hi everyone, hopefully you are fine and having fun with your family and friends.

STEPN is the first well known move to earn project in crypto world. Yesterday it announced  ban on users in china due to regulatory policies. As a result the price of both of its tokens GMT and GST dropped around 50%.

After the news there was a huge panic seen among holders of the GMT and GST. Few of the experts were seen criticizing on the poor tokenomics of the project on twitter. It was said that the project may fail just like the Play to earn games.
Below is the official statement from the STEPN team

"In order to actively respond to relevant regulatory policies, STEPN will conduct an inventory of software users. If users in mainland China are found, STEPN will stop providing GPS to their accounts at 24:00 on July 15, 2022 (UTC+8) according to the terms of use. and IP location services."

Well the price of both GST and GMT are recovering now which is good for the holders.

![shut-down-g6f21956c1_1920.jpg](https://images.hive.blog/DQmfZTD9JPsfa69htAya8Q3Eq8rDVCukSd36N8rojmCojWC/shut-down-g6f21956c1_1920.jpg)
[src](https://pixabay.com/illustrations/shut-down-abort-cross-red-remove-1013750/)

If you see my work as good, please give it a reblog or an upvote would be highly appreciated.
About Author
@coolguy222 is a full time crypto trader and content creator on hive blockchain. He loves to make new friends.


Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@coolguy222/stepn-announced-ban-on-users-in-china)