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China Blocks Multiple Crypto-Related Social Media Accounts: Report

China blocks multiple crypto-related social media accounts in a continued move to remain hostile against cryptocurrencies as we can see more in our latest cryptocurrency news. A new attack on crypto-related activities in the country, the Chinese government banned social media accounts that were used by crypto proponents over the weekend. The reports show that […]

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China Blocks Multiple Crypto-Related Social Media Accounts: Report

China blocks multiple crypto-related social media accounts in a continued move to remain hostile against cryptocurrencies as we can see more in our latest cryptocurrency news.
A new attack on crypto-related activities in the country, the Chinese government banned social media accounts that were used by crypto proponents over the weekend. The reports show that the attack was aimed at crypto supporters who have a lot of followers on Chinese social media platforms like Weibo. According to the report, the social media crypto influencer who was affected by China’s move was a Key Opinion Leader for Weibo.
According to the reports, users who tried to check for more updates from the Weibo crypto influencers were greeted with a message that their accounts were blocked for violating the laws, and the KOL who had the main account suspended by the government wrote that “It’s Judgment day for crypto KOL.” the move is china’s latest blow against all crypto-related activities especially trading and mining operations with many expecting even more hostile measure against the industry in the upcoming week.

Analysts and financial regulators think that the government should work on a law that will link illegal crypto transactions with the existing criminal laws and Winston Ma who is an NYU Law School professor even said that the crackdown on crypto-related accounts is a part of the government’s efforts to ensure that no Chinese version of Elon Musk will exist in the Chinese crypto space.
China blocks multiple accounts but we can recall that Musk’s tweets from a month ago were largely a cause for the price of BTC and other cryptocurrencies to crash up to 50%. the famous tesla CEO tweeted that his company will not accept BTC payments due to the environmental issues that were caused by the cryptocurrency and the market reacted immediately to the announcement with BTC dropping to $30,000. Ma also added that he expects the Chinese court to publish a legal interpretation that will tie the crypto transactions with the country’s criminal laws.

An unnamed financial regulator agreed with Ma as well and added that the judicial interpretation will help provide more clarity on the regulation of the space which failed to identify BTC transactions as illegal. In the meantime, China continues to attack the entire industry while the Republic of El Salvador is aiming to become the first country in the world to adopt BTC as a legal tender.