BEIJING: Many crypto-related accounts on China’s Twitter-like Weibo platform were blocked over the weekend as Beijing tightened its crackdown on Bitcoin trading and mining.
Over the weekend, access to several widely followed crypto-related Weibo accounts was denied, with a message saying each account ‘violates laws and rules’. According to analysts and a financial regulator, more actions are expected, including linking illegal crypto activities in China more directly with the country’s criminal law.
“It’s a Judgment Day for crypto KOL”, wrote a Weibo bitcoin commentator, or key opinion leader (KOL), who calls herself “Woman Dr. bitcoin mini.” Her main account was also blocked.
“The government makes it clear that no Chinese version of Elon Musk can exist in the Chinese crypto market,” said NYU Law School adjunct professor Winston Ma, referring to the Tesla founder and cryptocurrency enthusiast.
Winston Ma, the author of the book “The Digital War”, also expects China’s Supreme Court to publish a judicial interpretation soon that may link crypto mining and trading businesses with China’s body of criminal law.
The view was echoed by a financial regulator, who said that such an interpretation would address the legal ambiguity that has failed to clearly identify bitcoin trading businesses as “illegal operations”.
The Weibo freeze comes as Chinese media have stepped up reporting against crypto trading. Last month, China’s State Council, or cabinet, vowed to crack down on bitcoin mining and trading, escalating a campaign against cryptocurrencies days after three industry bodies banned crypto-related financial and payment services.
