China extends its anti-crypto engagements onto social media platforms. Like Twitter, Weibo, whose user population consists of many crypto advocates, has joined in on the anti-crypto bandwagon currently prevailing in China.
Major Updates
- Weibo blocks account access to Pro-crypto users.
- Experts predict tougher anti-crypto systems to come in China.
- Many believe China’s anti-crypto measures target crypto crime rates.
Since the previous month, the Chinese government has initiated anti-crypto exercises. The project would target the menacing effects of crypto mining and quell crypto trading activities. The first of the new measures targeting cryptocurrencies in Chinese Banks and now, social media is next in line.
The China-based social media platform Weibo has just signaled the next step of the new Chinese war against crypto.
The platform, which, similarly to Twitter, comprises a rich population, many of which are advocates of digital money. Weibo has now targeted these selected users by disabling their accounts regarding the new anti-crypto regime currently prevailing in the country.
This is just one amongst the slew of anti-crypto policies, as many experts have predicted. They say that China will progressively carry out similar exercises further to create challenges for the growth of cryptocurrencies amongst locals. The goal is to cripple the ever-growing crime rates within the crypto community.
With this concern, pro-crypto users have had their Weibo accounts blocked with the message “violates laws and rules” reading on their attempts to log in.
Conclusion
So far, many experts are predicting that this new stance on cryptocurrencies in the nation will extend onto legal sanctions. According to the author of the novel, “The Digital War,” Winston Ma, she is expecting higher concerns which would eventually bring about the addition of cryptocurrencies in the Chinese criminal law.
This is owing to an array of negative sentiment associated with digital currencies. The use of crypto for illegitimate practices has been a growing concern amongst many nations. From acts of smuggling, to gambling, drug dealing, and money laundering cryptocurrencies have been seen as criminal tools embodied into one of the greatest money innovations of today’s time.
Meanwhile, China works to enforce its own central bank issued digital currency.
Question of the Day
What do you think about China’s extensive race to fight cryptocurrencies?
