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China Cracking Down on Bitcoin, Blocking Multiple Weibo Crypto Accounts

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China Cracking Down on Bitcoin, Blocking Multiple Weibo Crypto Accounts

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Twitter-like Weibo platform was blocked over the weekend, as access to several widely followed crypto-related accounts was revoked, with a message that says each account “violates laws and rules,” according to Reuters.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.

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