China Continues To Suppress Cryptocurrency, 12000 Accounts Locked

China has once again expressed its determination to remove cryptocurrencies from the country as its Internet Censorship Authority has once again erased dozens of accounts, posts and websites that have related to cryptocurrencies.

China continues to eliminate cryptocurrencies

Per Yicai, censor, Cyberspace Administration of China, said it has closed about 12,000 accounts – mainly on the Weibo platform managed by Sina and Baidu’s Baidu Tieba. About 51,000 posts were deleted and 105 websites were taken offline.

These sites include Bi Toutiao, which is said to have hosted “cryptocurrency marketing” materials, which publish guides explaining how Mainland Chinese citizens can conduct cross-border transactions world despite the crackdown campaign and even advises Chinese readers on how to get involved in cryptocurrency mining.

Beijing is particularly interested in eliminating the latter form of operation, although a large number of BTC miners are said to be still trading in Mainland China.

However, the authorities stated that they would not stop there and stated their intention to “continue to crack down on” what they call “illegal financial activities” related to cryptocurrencies. It added that it would work with other government agencies to achieve its goals.

Despite the 2021 crackdown, crypto-related conversation on the aforementioned social media platforms as well as WeChat is still prevalent.

Many cryptocurrency scams are common in this country, so the authorities have worked to minimize the damage and prevent it with educational campaigns.

Wednesday, August 10, 9 people were arrested in Haikou, Hainan province, after allegedly tricking 100 people – mostly pensioners and middle-aged people – into investing in a token that The alleged scammer is involved in the OneCoin international Ponzi scheme.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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