China has blocked many accounts on the Chinese Weibo platform, similar to Twitter, for their link to cryptos. The ban is in line with Beijing’s stricter policy against trading and mining cryptocurrencies.
The blockade is certainly not the last action China will take against digital currencies. Many crypto activities in China are expected to be linked to the country’s criminal law, analysts, and financial regulators. This means that mining and trading digital coins may become an illegal activity shortly.
Beijing vowed last month to crack down on bitcoin mining and trading. That happened shortly after three agencies in the country banned crypto-related financial payment services.
The Weibo interventions also come at a time when Chinese media are harsher in their coverage of crypto trading. According to state broadcaster CCTV, cryptocurrencies are often used for black trading, money laundering, arms smuggling, gambling and drug trafficking.
China’s central bank, meanwhile, has accelerated the testing of its own digital currency.