As China continues the crackdown on Bitcoin mining, trading, and related operations, the country has moved to block all cryptocurrency-related accounts on Twitter-like social media platform Weibo.
Hundreds of cryptocurrency influencers on the Twitter-like Chinese app Weibo have been unable to use their accounts, according to reports. Other users with functioning accounts on launching the app received a message that the banned accounts have violated the platform’s “relevant laws and regulations”, as well as guidelines.
According to what experts, financial regulators, and analysts are saying, more severe actions such as linking illegal crypto activities in China more directly with the country’s criminal law could happen.
“The Chinese government makes it clear that no Chinese version of Elon Musk can exist in the crypto market”, Winston ma, former China Investment Corporation Managing Director and NYU Law School Adjunct Professor commented on the development. He also expects the Chinese Supreme Court to publish a judicial interpretation that’ll link crypto mining and trading with the country’s body of criminal law.
The crackdown actions against Bitcoin trading and mining in the country are one of the reasons why the world-famous cryptocurrency fell as low as $30,000. Elon Musk’s unrivaled influence and recent rejection of the coin as a means of payment are also one of the major reasons why the price of Bitcoin sank; this is why the Chinese government is blocking the accounts of cryptocurrency influencers on Weibo – to ensure that a Chinese version of Elon Musk with as much influence to make or crash the market does not rise.
The thorough campaigns against cryptocurrency in the country continue to escalate and the recent ban on crypto influencers is being termed ‘Judgment Day’ for these influencers.
Amongst the campaigns decrying cryptocurrency use in the country includes a report by state broadcaster CCTV saying that cryptocurrency is a lightly regulated asset that is used in operations related to black market trade, drug dealings, money laundering, arms smuggling, gambling, etc.
These crackdowns continue to take place at a time when the country’s central bank is testing its digital currency and plans to hand out a $6.2 million digital Yuan in a trial phase in Beijing.