World
China Cracking Down on Bitcoin, Blocking Multiple Weibo Crypto Accounts
Published
12 months agoon

A slew of crypto-related accounts on China’s Twitter-like Weibo platform was blocked over the weekend, as access to several widely followed crypto-related accounts was revoked, with a message that says each account “violates laws and rules,” according to Reuters.
According to a few financial regulators and analysts, more action is on the way as China seeks to apprehend illegal crypto activities that fall directly under the country’s criminal law.
The crypto freeze on Weibo follows a flurry of emerging trends indicating that Chinese media outlets have increased their reporting on illegal crypto trading. China’s official news agency, Xinhua, recently published a series of reports on crypto-trading in black market trade, money laundering, arms smuggling, gambling, and drug dealing.
While the aforementioned development may appear to be a little too upsetting for investors who are new to the crypto game, there is always a light at the end of the tunnel if you are willing to wait for what is to come. For what it’s worth, China’s crackdown on cryptocurrencies is beneficial in the long run, as the country accelerates testing of its own digital Yuan, a feat that could essentially pave a new path for tailoring universal cryptocurrency regulations.
You may like
-
Samsung has now joined the growing list of companies who have stopped selling products in Russia
-
Samsung Commits to Putting an End to Galaxy Phone Slowness
-
Thousands of Nvidia employees personal information was stolen and leaked by hackers
-
Pakistan Govt declares that humans are not at danger of Lumpy Skin Disease
-
South Korea registers 254,327 new COVID-19 cases every day
-
Prime Minister Imran Khan expressed grief at Shane Warne’s death

Samsung has now joined the growing list of companies who have stopped selling products in Russia

Samsung Commits to Putting an End to Galaxy Phone Slowness

Thousands of Nvidia employees personal information was stolen and leaked by hackers
