China Cracks Down on Crypto-Related Activities on Internet

China Cracks Down on Crypto-Related Activities on Internet
  • Cyberspace Administration has taken down more than 12,000 social media profiles.
  • As a result of the interactions with 500 or more websites, 105 of them were shut down.

When other countries looked to be jumping on the crypto bandwagon, China made a decision to completely outlaw it. The nation ruthlessly shut down some well-known Bitcoin mining companies and banned the sector as a whole.

A few Chinese citizens continued to exhibit interest in the market even after this. Chinese authorities were determined to stamp out any crypto-related activity, though. Because of this, China’s Cyberspace Administration has taken down more than 12,000 social media profiles relating to crypto. The Chinese government has made no secret of its disapproval of the sector. 

Not a Surprising Development

However, China’s National Cyberspace Administration was already taking safeguards before the bear market reached its apex. Misinformation about cryptocurrency was being combated by the regulator on social media.

Over 12,000 Weibo and Baidu accounts have been deactivated for the same reason. In addition, more than 51,000 pieces of illicit content were removed. Some of these contained statements such as, “Easy to make money by investing in Bitcoin.”

As a result of the interactions with 500 or more websites, 105 of them were shut down. This group of websites was alleged to be engaged in the promotion of cryptocurrencies and the development of training on cross-border currency speculating and crypto mining.

Given China’s aversion to Bitcoin, this next development is not entirely surprising. The Chinese government is expected to maintain its ban on all things related to crypto. Despite the country’s prohibition on underground mining, there have been multiple instances of it taking place. With the crypto industry just starting to rebound after prolonged crypto winter, this takedown will definitely not help.

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A devoted content writer having 3 years of crypto trading experience. Loves cooking and swimming. Stays up to date with the latest developments on blockchain technology.