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Thursday, July 29, 2021

China Blocks Crypto Social Media Accounts Amid Crackdown

The Chinese government has started cracking down on crypto-related social media accounts in its latest campaign against cryptocurrency mining and trading.

Beijing has blocked a number of crypto-related accounts in China’s Twitter-like Weibo platform over the weekend.

“The government makes it clear that no Chinese version of Elon Musk can exist in the Chinese crypto market,” said Winston Ma, an NYU Law School adjunct professor.

Ma’s comments pertain to a Weibo bitcoin commentator or key opinion leader (KOL), who calls herself “Woman Dr. bitcoin mini”, whose main account was blocked on Saturday after commenting “It’s a Judgment Day for crypto KOL.”

Analysts and financial regulators warned of further actions including associating illegal crypto activities in China more directly with the country’s criminal law.

The Chinese state media has also increased its negative coverage of cryptocurrencies, linking digital payments with a number of scams. 

State broadcaster CCTV has associated cryptocurrencies with black market trade, money laundering, arms smuggling, gambling, and drug dealings.

China’s central bank is accelerating the testing of its own digital currency, the Yuan, as the crackdown continues.

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