12,000 Chinese social media accounts related to crypto have been “discolored”

12,000 Chinese social media accounts related to crypto have been “discolored”

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2022-08-12 20:43:39

China’s Internet censorship and regulation agency recently deleted 12,000 social media accounts. What these accounts have in common is “promoting crypto,” “praising crypto as an innovation in the fintech world.”

China’s Next Step to Tighten Cryptocurrency Controls

According to the sheet South China Morning Post (SCMP), China’s cyber-regulatory authority, TTO, is “cleaning up” discussion and advertising about cryptocurrencies on the Internet. This campaign has only just started rolling out since the Mainland Chinese government issued a ban on trading digital assets like Bitcoin.

On August 9, the Cybersecurity Administration of China (CAC) ordered the country’s social media sites to shut down about 12,000 crypto-related social media accounts.

CAC said that nearly 1,000 accounts have attracted Internet users to invest in cryptocurrency (also known as electronic money, virtual currency) under the name of “beautiful”: FINANCIAL CREATIVE INNOVATION AND BLOCKCHAIN.

A variety of leading Chinese social media platforms and apps are involved in the crackdown, such as Weibo, Baidu and WeChat by Tencent. 105 websites with content that either promote cryptocurrencies or provide content instructing people to buy, sell and mine coins have been “closed” by the CAC.

Authorities emphasized that the decision to “clean up” the 12,000 social accounts was part of a campaign to clear the community of crypto speculation chaos.

Many netizens have been deceived by “cloudy” promises of profits, lured into participating in online cryptocurrency trading activities, but ended up empty-handed and in debt. This can lead to dire consequences.

Accordingly, the CAC requires Internet platforms to be more aggressive, apply strict measures to prevent speculation in cryptocurrencies, combine with enhanced solutions to remove content and other documents. Cryptocurrency investment related accounts.

The crypto regulatory landscape in China at the moment makes the crypto operating environment more and more narrow, as the government has repeatedly issued bans on cryptocurrency trading and mining. On the other hand, the country has been quite active towards the central bank-issued digital yuan (e-CNY).

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