According to local reports, at least a dozen crypto influencers on Weibo have been unable to use their accounts on Saturday night. Weibo greeted other users who visited suspended accounts with a message saying the banned accounts have violated Weibo guidelines and “relevant laws and regulations.” A Weibo user named Woman Dr. bitcoin mini, who saw her account was blocked on Saturday, called Weibo’s action a Judgment Day crypto influencer.
The Chinese government does not want the equivalent of Elon Musk.
NYU law school adjunct professor and former China Investment Corporation managing director Winston Ma said, “The Chinese government makes it clear that no Chinese version of Elon Musk can exist in the Chinese crypto market.” The academic was alluding to Elon Musk’s controversial influence over cryptocurrency markets on social media. According to reports, Ma 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 government’s negative stance on crypto has echoed across all parts of the industry in China.
China continues its crackdown on cryptocurrencies.
After Chinese authorities started investigating crypto mining data centers’ energy consumption earlier this year, Bitcoin mining became a risky operation in the country. Major bitcoin miners have since announced that they will end their operations in the country. Earlier, financial regulators in China’s Hainan province warned citizens about illegal fundraising campaigns that use cryptocurrency or blockchain as promotion material, stating that illicit token issuance and financing activities are forbidden. China has been actively cracking down on crypto activities in the country. It is also important to note that the People’s Bank of China is issuing a digital version of yuan dubbed (DC/EP).