Chinese social media giant (Weibo), ban cryptocurrency accounts
According to local reports, China’s crackdown on cryptocurrencies has reportedly spread to social media. Weibo, China’s Twitter-like microblogging service with over 530 million monthly active users, has reportedly suspended several popular Bitcoin (BTC) and crypto-related content creators on the platform.
The government’s negative stance on crypto has echoed across all parts of the industry in China. After Beijing authorities started investigating crypto mining data centers’ energy consumption in April, Bitcoin mining became a risky operation in the country.
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.
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, according to reports.