By Shelly Melancon (Switzerland)
Weibo, a Chinese-based social media platform has today blocked multiple cryptocurrency-related accounts followed by millions of people. As reported by Chinese crypto news outlet, 8BTC and journalist, Colin Wu, the website’s restriction also included Justin Sun, CEO of Tron Foundation and creator of the TRX token.
This latest development shouldn’t come as a surprise to most people who know about the ongoing situation in the county as this is not the first crypto-related censorship that the social media platform has taken this year. June was the first occurrence of these bans with multiple accounts being disabled. Attempts to access these accounts on the social media platform are met with messages stating that the profile “violates laws and rules”. This new development is believed to be because of the current attempts of the Chinese government to push out private cryptocurrencies from the country.
Chinese Government Maintains Its Stance On Cryptocurrency
Although these bans seem harsh they are probably a result of Weibo’s compliance with a country-wide attempt to stop cryptocurrency activity. For years now the Chinese government has taken an unrelenting anti-cryptocurrency stance. The effect of this has been seen in many sectors as many of them are complicit either willingly or otherwise in enforcing the government’s directives.
Also read:Chinese media outlets have since begun reporting on all negative crypto activities to the public. A media outlet owned by the Chinese Communist Party has over time published reports railing against all crypto activity. One report stated that the station known as China Central Television(CCTV) defined Bitcoin as a lightly regulated asset, often used in a wide array of criminal activities. Banks are not exempt from this with Chinese-based crypto news outlet CoinWorld, stating in July that it would be closing down following directives from the People’s Bank Of China.
Perhaps the most significant of the efforts against cryptocurrency was the relocation of the world’s largest exchange, Binance, out of the country in 2017. The company owned by Chinese executive, Changpeng Zhao, was initially headquartered in China but following the beginning of the ongoing crypto regulations, he was eventually forced to leave the country. Following this, the country eventually banned access to Binance’s services to its citizens, blocking it behind a firewall.
These regulations have had a strong effect on the crypto market with many believing that the massive drop that happened late in May was at least partly caused by them. Some people do remain optimistic for the future of crypto in China, citing the ongoing development of the digital Yuan as an indicator for the future return of private cryptocurrencies to China.
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