A cluster of social media accounts related to cryptocurrency has been blocked by China as per the content posted on China’s Twitter-like, over the weekend, Weibo platforms were blocked as the bitcoin trading and mining in Beijing stepped up for a crackdown. More actions are also observed and expected that include illegal activities related to crypto that are more directly connected with the country’s criminal law in China, according to a financial regulator and analysts.
Within the last weekend, many cryptocurrency-related Weibo accounts were denied user access with a message “violates laws and rules” on each account. In the last month, China’s Cabinet and State Council vowed to crack down on bitcoin or other cryptocurrencies trading and mining. They escalated a campaign against online trading of cryptocurrencies days after the three industrial bodies banned financial and payment crypto-related services.
Weibo bitcoin commentator or KOL wrote on “It’s a Judgment Day for crypto” She is also known as “Woman Dr bitcoin mini” whose account was also blocked by China on Saturday. “The government ensures that no Elon Musk version exists in the crypto market of China,” said the adjunct professor of NYU Law School named Winston Ma who is also known as the cryptocurrency enthusiast and Tesla founder. Ma is the author of “The Digital War” book. He is also expecting to publish a judicial interpretation as soon as possible. It may link trading businesses and crypto mining with the criminal law of China. A well-known financial regulator echoed this view and said that such interpretation would be helpful in addressing the legal ambiguity that has failed in identifying the bitcoin trading businesses as fraud or illegal operations. Administrative bodies in China have published such rules against cryptocurrencies so far. Chinese media have taken steps to report against crypto trading and mining after Weibo comes to freeze.
Xinhua is an official news agency in China that has published articles regarding the exposure of a series of scams related to cryptocurrencies. A state broadcaster (CCTV) said that cryptocurrency is a kind of lightly regulated asset that is often used in the black marketing trade, arms smuggling, gambling, money laundering, drug dealings, etc.