China is cracking down on cryptocurrency-related social media accounts. Social media platforms like Weibo were blocked over the weekend as the country’s government steps up its clampdown on bitcoin trading and mining.
Reports say that there are more actions expected, including linking illegal crypto activities in China more directly with the country’s criminal law, according to analysts and a financial regulator.
In May, China’s State Council vowed to crack down on bitcoin mining and trading.
Over the weekend, access to several widely followed crypto-related Weibo accounts was denied, with a message saying each account “violates laws and rules.”
“It’s a Judgment Day for crypto KOL”, wrote a Weibo bitcoin commentator, or key opinion leader (KOL), who calls herself “Woman Dr. bitcoin mini.” Her main account was also blocked on Saturday.
NYU Law School adjunct professor Winston Ma, referring to the Tesla founder and cryptocurrency enthusiast said, “The government makes it clear that no Chinese version of Elon Musk can exist in the Chinese crypto market.”
Ma, the author of the book “The Digital War”, also expects China’s Supreme Court to publish a judicial interpretation soon that may link crypto mining and trading businesses with China’s body of criminal law.
The Weibo freeze comes as Chinese media have stepped up reporting against crypto trading.
The stepped-up crackdown also comes as China’s central bank is accelerating the testing of its digital currency.
