According to the Report, China blocked many crypto related social accounts trading and mining Cryptocurrency in the country. A number of Chinese cryptocurrency-related social media accounts, with followers ranging from a few thousand to several hundred thousand, banned by Sina Weibo over the weekend.
As the country tightened controls over the industry to avoid systemic financial risks. The illegal activities such as money laundering to prevent.
The banned accounts include some of the most influential online celebrities in the digital currency industry. Such as Trader Xiaoxia, Fat Nerds Bitcoin, Super Bitcoin, and Block chain William.
Some of the owners of these accounts are billionaires because of their investments in digital currencies.
The account lock apparently carried out by Sina Weibo, a social media platform. A Sina Weibo search revealed that they blocked on suspicion of violating applicable laws and regulations regarding Weibo community conventions.
Many crypto accounts on Weibo platforms such as Twitter in China banned over the weekend. It happens after Beijing stepped up a crackdown on Bitcoin trading and mining.
Reason Behind Crypto Social Accounts
According to analysts and financial regulators, further steps expected, including a more direct link between illegal cryptocurrency activities in China and the country’s criminal laws.
Last month, China’s state council or cabinet pledged to take action against bitcoin mining. Also trading by stepping up campaigns against cryptocurrencies days after three industry bodies banned cryptocurrency-related financial services and payments.
Several popular Weibo crypto accounts were denied access over the weekend, with reports that each account “violated laws and regulations”.
“This is a scary day for crypto-KOL,” wrote a Bitcoin commenter on Weibo or a major opinion leader (KOL) named “Dr. Bitcoin Mini Woman”. Your main account further blocked on Saturday.
“The authorities made it clear that there will no Chinese Elon Musk model in the Chinese crypto market,” said Winston Ma. Professor at New York Law School, citing the Tesla founder and cryptocurrency fanatic.
Ma, a writer for the leadership of Digital Warfare, also expects the China Supreme Court edition to publish a quick court translation. This will link to crypto copying and trading companies with Chinese prison status.
Local governments in China, such as the Inner Mongolia Autonomous Region in northern China, doubled down on barriers to mining cryptocurrencies. It comes after Chinese authorities emphasized that action had been taken during a recent summit to extract and trade bitcoins.
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Officials in southwest China’s Sichuan Province have also sought advice from stakeholders in the local bitcoin mining industry.
Officials in southwest China’s Sichuan Province have also sought advice from stakeholders in the local bitcoin mining industry.
