Weibo says crypto accounts on its platform violate laws and rules

Weibo says crypto accounts on its platform violate laws and rules
фото показано с : invezz.com

2021-6-8 14:28

Microblogging platform Weibo has reportedly banned cryptocurrency accounts on its platform. The ban is coming as China is stepping up its crackdown on Bitcoin trading and mining in the country.

There could be more actions expected, which will include linking cryptocurrency activities directly with China’s criminal law.

China is taking the steps to restrict crypto mining activities because its regulators think the crypto market is very volatile and is a direct cause of increased money laundering activities in the country. The ban is also coming as the increased use of fossil fuel to mine Bitcoin has become an environmental issue.

Over the weekend, Weibo denied access to crypto-related accounts on the platform, with a message stating that each of those accounts “violates laws and rules.”

A popular Bitcoin commentator on Weibo, who calls herself “Woman Dr. Bitcoin mini” stated that “it’s a judgment day for crypto KOL,” while referring to the latest ban on crypto accounts on the platform. Weibo, a Twitter-lie microblogging service, has more than 530 million monthly users.

China wants to make crypto mining illegal in China

Winston Ma, law school adjunct professor at NYU pointed out that the Chinese government is seriously telling the crypto community that “no Chinese version of Elon Musk can exist in the Chinese crypto market.”

The statement is about Musk’s controversial influence on the crypto market, with Bitcoin (BTC/USD) and Dogecoin (DOGE/USD) being the most supported coins by the Tesla co-founder.

Ma also believes that China’s Supreme Court will soon release a judicial interpretation that will make crypto mining an illegal business in China.

China supports blockchain and CBDC

While China has been very proactive in its irritation against cryptocurrencies, Blockchain, which is Bitcoin’s underlying technology, has received full support from the government. It is also serious about adopting the digital version of the Chinese yen. China has made more progress in launching its central bank digital currency (CBDC) more than any other country. It has also completed the first round of the testing phase for the project.

The post Weibo says crypto accounts on its platform violate laws and rules appeared first on Invezz.

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Источник: invezz.com

platform accounts → Результатов: 126


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