Blockchain & Crypto

Crypto-related Social Media Accounts blocked in China

In another event of cryptocurrency crackdown, China has blocked several crypto-related social media accounts. Earlier, China prohibited banks and payment companies to provide cryptocurrency services. Crypto-miners also halted their mining operations amidst the clampdown.

Over the weekend, China blocked several crypto-related accounts on it’s Twitter-like Weibo platform.

The Weibo Ban

China’s State Council, or cabinet, pledged last month to tighten down on bitcoin mining and trade, expanding a campaign against cryptocurrencies. With a notice stating that each account “violates laws and guidelines”, several popular crypto-related social media accounts on Weibo were blocked.

The Weibo ban comes as Chinese news outlets have increased their coverage of cryptocurrency trading. A series of crypto-related scams have been disclosed in articles published by the official Xinhua News Agency.  According to State Broadcaster CCTV, cryptocurrency is a loosely regulated asset that is frequently utilised in illicit market commerce, money laundering, arms smuggling, gambling, and drug trading.

The tougher measures come as China’s central bank accelerates the testing of its digital currency.

In a Reuters report, a Weibo bitcoin commentator, or key opinion leader (KOL), who calls herself “Woman Dr. bitcoin mini writes “It’s a Judgment Day for crypto KOL”. Her main account was also blocked on Saturday.

China’s financial regulators state that such an interpretation will resolve the legal ambiguity & bitcoin trading enterprises will be identified as “illegal operations.” China’s Administrative bodies have so far published all of the rules against cryptocurrency. 

Do subscribe to our Telegram channel for more resources and discussions on technology law and news. To receive weekly updates, don’t forget to subscribe to our Newsletter.

You can also follow us on InstagramFacebookLinkedIn, and Twitter for frequent updates and news flashes about #technologylaw.

Rajat Chawda

Rajat is a student at the Institute of Law, Nirma University. Since a young age, he was fascinated by the technological advancements and his fascination with gadgets has helped him develop a keen interest in TMT Laws in his journey as a law student. He is associated with Mylawrd to further engage himself and learn in this area.

Share your thoughts!

This site uses Akismet to reduce spam. Learn how your comment data is processed.