China blocks several cryptocurrency-related social media accounts amid crackdown

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

FILE PHOTO: Representations of Bitcoin cryptocurrency are seen in entrance of a picture of Chinese flags on this illustration image taken June 2, 2021. REUTERS/Florence Lo/Illustration

More actions are anticipated, together with linking unlawful crypto actions in China extra instantly with the nation’s prison legislation, in line 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 in opposition to cryptocurrencies days after three business our bodies banned crypto-related monetary and cost providers.

Over the weekend, entry to several 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 major 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,” stated NYU Law School adjunct professor Winston Ma, referring to the Tesla founder and cryptocurrency fanatic.

Ma, writer of the guide “The Digital War”, additionally expects China’s supreme court docket to publish a judicial interpretation quickly that will hyperlink crypto mining and buying and selling companies with China’s physique of prison legislation.

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

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

The official Xinhua News Agency has revealed articles that uncovered a sequence of crypto-related scams. State broadcaster CCTV has stated cryptocurrency is a evenly regulated asset usually 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.

Reporting by Samuel Shen and Andrew Galbraith. Editing by Gerry Doyle

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