Tuesday, November 19

Weibo, the Chinese version of Twitter, blocks accounts related to cryptocurrencies


The government of the Asian giant has been clear in its fight against mining and cryptocurrency trading and it seems that it is coming for more restrictions

Weibo, la versión china de Twitter, bloquea cuentas relacionadas con criptomonedas
Weibo, the Chinese Twitter blocks accounts that speak of cryptocurrencies.

Photo: Karolina Grabowska / Pexels

Alexa Liendo

China continues to block any momentum or space that the financial world of cryptocurrencies may have in his territory. Now it is about its social network Weibo, the copy of Twitter, which has decided to block all accounts that have some type of content related to cryptocurrencies.

It could be known that several accounts received a message saying “it violates the rules and the law” and after that their content was blocked.

There is talk of some 12 “influencers” in the world of cryptocurrencies who were blocked on Weibo since Saturday night. the message “that violates the law” appeared on the user when they tried be located by others.

Many of these influencers have spoken of the “final judgment for cryptocurrencies”, to which Winston Ma, investment specialist and university professor at NYU said that the Chinese government has been clear in showing that does not want “an Elon Musk in the world Asian market of cryptos ”. The comment was made within the framework of the announcement of his attendance to a “webinar.”

Look forward to join @ lcx # blockchain webinar series, with @ montymetzger , at a time when China government made it clear that no Chinese version of @ elonmusk can exist in the Chinese # Crypto market https://t.co/osEhdP9pMu

– Winston W. Ma (@Winston_W_Ma) June 8, 2021

Weibo, currently has a 530 millions of active users , but This is not the first sign of control and regulation that the Chinese government has around virtual currencies, its offensive against cryptocurrencies began weeks ago and managed to scare the markets.

On the other hand, the last week of May from the capital of China a new regulation was announced, according to which financial institutions may not provide savings, trust or pledge token services or issue any financial product linked to virtual money. Exchanges and initial offerings with cryptocurrencies were also prohibited. Although the holding of cryptocurrencies in particular has not been prohibited.

All this achieved a very black week for cryptocurrencies in general, mainly a memorable bitcoin crash. With this, China went public its intention to hit the mining and trading sector head-on with bitcoin or any other cryptocurrency.

For experts, this is not over and the Asian giant will come with more actions and now expected announcements linked to illegal activities with cryptocurrencies, there is even talk of a criminal law.

The orientation of the Chinese government’s discourse is about “preventing and controlling financial risks and moving more about a real economy.

However, the Vice Governor of the People’s Bank of China, Li Bo, said that“ the body recognizes BTC as a form of investment and to give way to trade within the country they are already working on regulations ”. With what it seems, that all is not lost.

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