China blocks some crypto-related social media accounts in crackdown

Many crypto-related accounts on Weibo platforms like Twitter in China were blocked over the weekend as Beijing tightened its crackdown on Bitcoin trading and mining. Illegal crypto in China, according to analysts and financial regulators. Further measures are expected, such as linking monetary activity more directly to the country’s criminal law. Last month, China’s State Council or Cabinet pledged to crack down on Bitcoin mining and trading, escalating its campaign against cryptocurrencies a few days after three industry groups banned crypto-related financial and payment services.

Over the weekend, access to some of the widely followed crypto-related Weibo accounts was denied, and each account displayed the message “It violates laws and regulations.”

“It’s Judgment Day for Cryptocurrency KOL,” wrote Weibo Bitcoin commentator or key opinion leader (KOL), who calls himself “Dr. Female Dr. Bitcoin Mini.” Her main account was also blocked on Saturday. “The government has made it clear that the Chinese version of Elon Musk cannot exist in the Chinese crypto market,” said Winston Marr, associate professor at NYU School of Law, referring to Tesla’s founder and crypto enthusiast. We also hope that the Chinese Supreme Court will soon publish a judicial interpretation that may link cryptocurrency mining and trading businesses with China’s criminal law system. Financial regulators said such an interpretation addresses legal ambiguity that could not clearly identify the Bitcoin trading business as an “illegal business.” All so far for virtual currencies in China. The rules have been published by government agencies. Weibo’s freeze has occurred as the Chinese media has stepped up coverage of Bitcoin trading.

At the same, it’s interesting to note that the state’s legislature also rejected the notion of legalizing of bitcoin casino gaming, and it wasn’t until 2009 that this decision was eventually reversed (at which point four cities in the state were authorized to build and operate brick-and-mortar casinos).

The official Xinhua News Agency has published an article exposing a series of cryptocurrency-related scams. Cryptocurrencies are a loosely regulated asset and are often used in black market trading, money laundering, arms smuggling, gambling and drug trafficking, according to state broadcaster CCTV. The crackdown has been tightened as China’s central bank is accelerating the testing of its own digital currency.

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China blocks some crypto-related social media accounts in crackdown

Source link China blocks some crypto-related social media accounts in crackdown

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