China has blocked several profiles on social networks related to cryptocurrencies

China has blocked several profiles on social networks related to cryptocurrencies

Beijing has long been stepping up its efforts against bitcoin and the like, and now the crackdown has also touched social media

(photo: Roslan Rahman / AFP via Getty Images) Although it is a growing market and increasingly mainstream , not everyone likes cryptocurrencies. In fact, China has been stepping up its war on bitcoin and the like for weeks, and in recent days it has cracked down further.

Popular social media site Sina Weibo - a Chinese version of Twitter, like it is usually said, although in reality the two platforms also have significant differences - over the weekend it closed a series of highly followed accounts related to the world of cryptocurrencies. A message now informs users that these now inaccessible accounts violate "laws and rules."

"It's doomsday for cryptocurrency opinion leaders," wrote a popular Weibo bitcoin commentator. this Woman Dr. bitcoin mini, who on Saturday also saw her main account blocked. That would be a dozen suspended profiles in all that collectively had 5 million followers.

Last month, the Chinese State Council promised to crack down on bitcoin mining and trading, stepping up a campaign against cryptocurrencies. A few days earlier, three industry bodies had banned cryptocurrency-related financial and payment services.

There is currently a legal ambiguity in China regarding transactions with cryptocurrencies. Local cryptocurrency exchanges and financial instruments, such as initial money offers, linked to digital currencies have been illegal since 2017. All of these ordinances have so far been issued by administrative bodies and have not significantly discouraged the use of cryptocurrencies. According to international press sources, Beijing is now thinking of introducing a ban on trading cryptocurrencies also in the criminal code.

One of the reasons that partly explains this opposition to cryptocurrencies is that the Chinese authorities have become increasingly wary against the energy impact of bitcoin mining because it threatens President Xi Jinping's efforts to position China as a climate leader.

Recent research by Britain's Nature Communications, cited by the Wall Street Journal, found that large-scale bitcoin mining operations that often leverage low-cost hydroelectric power are already among the top 10 industries for electricity consumption in China.

Recent account lockout on Weibo follows a campaign media against cryptocurrency trading. The official Chinese news agency Xinhua has published several articles on a series of cryptocurrency-related scams, while the state broadcaster CCTV explained that cryptocurrency is a poorly regulated commodity, often used in black market trading, money laundering. , in arms smuggling, gambling and drug trafficking. This crackdown has been intensified as China's central bank is accelerating testing of its digital currency.

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