China blocks cryptocurrency-related social media accounts amid crackdown on Bitcoin trading, mining

A slew of crypto-related accounts in China’s Twitter-like Weibo platform had been blocked over the weekend, as Beijing stepped up a crackdown on bitcoin buying and selling and mining.

More actions are anticipated, together with linking unlawful crypto actions in China extra instantly with the nation’s legal regulation, in accordance with analysts and a monetary regulator.

Last month, China’s State Council, or cupboard, vowed to crack down on bitcoin mining and buying and selling, escalating a marketing campaign towards cryptocurrencies days after three trade our bodies banned crypto-related monetary and fee companies.

Over the weekend, entry to a number of of extensively adopted crypto-related Weibo accounts was denied, with a message saying every account “violates legal guidelines and guidelines.”

“It’s a Judgment Day for crypto KOL”, wrote a Weibo bitcoin commentator, or key opinion chief (KOL), who calls herself “Woman Dr. bitcoin mini.” Her essential account was additionally blocked on Saturday.

“The authorities makes it clear that no Chinese model of Elon Musk can exist within the Chinese crypto market,” mentioned NYU Law School adjunct professor Winston Ma, referring to the Tesla founder and cryptocurrency fanatic.

Ma, creator of the ebook “The Digital War”, additionally expects China’s supreme courtroom to publish a judicial interpretation quickly which will hyperlink crypto mining and buying and selling companies with China’s physique of legal regulation.

The view was echoed by a monetary regulator, who mentioned that such an interpretation would handle the authorized ambiguity that has failed to obviously determine bitcoin buying and selling companies as “unlawful operations”. All the foundations towards cryptocurrencies up to now in China have been printed by administrative our bodies.

The Weibo freeze comes as Chinese media have stepped up reporting towards crypto buying and selling.

The official Xinhua News Agency has printed articles that uncovered a collection of crypto-related scams. State broadcaster CCTV has mentioned cryptocurrency is a calmly regulated asset typically utilized in black market commerce, cash laundering, arms smuggling, playing and drug dealings.

The stepped-up crackdown additionally comes as China’s central financial institution is accelerating testing of its personal digital forex.

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About the Author: Daniel