China Shutters Social Media Accounts of Crypto Influencers

Saturday 12 June 2021, 3:19 AM AEST - 4 days ago

China is moving forward with its anti-crypto attitude. It has now shut down the social media accounts of several bitcoin and cryptocurrency influencers as a means of stopping people from learning about and investing in digital currencies.

China Makes Another Anti-Bitcoin Maneuver

China has long had an up-and-down relationship with bitcoin. While the country has always been a hotspot for bitcoin and digital currency activity, government officials and regulators have never been kind to the worlds number one digital currency by market cap. For example, 2017 saw the nation shutting down all initial coin offerings (ICOs), claiming that they were fraudulent and open doorways to financial crime. From there, China took steps to close all crypto exchanges.

Now, China is looking to end all bitcoin mining within the nation, along with other forms of crypto activity. The move has sparked criticism from executives with companies such as Canaan Creative, one of the largest mining corporations in the world. Stationed in China, Canaan Creative put out a statement saying that the country is making a big mistake, claiming that it would soon fall behind its neighbors in terms of technology use and understanding. In addition, it said that bitcoin mining brought jobs and revenue to Chinas economy.

These complaints were apparently not enough to get China to listen, as it is now taking steps to stop bitcoin influencers from spreading the word about cryptocurrency. The country is home to a social media platform known as Weibo, which presently features many crypto heads posting data, videos, and messages about the growing digital currency space. Several of these accounts were mysteriously shut down over the weekend, with Weibo later putting out a statement saying the accounts were in serious violation of the companys ru ...

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