Hard! China Blocks Social Media Accounts That Do Crypto Money Scams

JAKARTA – In order to stem the development of cryptocurrencies and the spread of the digital Yuan, the Xi Jinping government has blocked social media accounts discussing cryptocurrencies.

This was proven when at the weekend a number of crypto accounts on Weibo were blocked. Not only blocking, the Chinese government also sent a message to the account with a warning "violating laws and regulations."

"It's Judgment Day for crypto," said the self-proclaimed Woman Dr. mini bitcoins. He is a Bitcoin fan whose account was blocked on Saturday 5 June, as reported by Reuters.

The blocking on Weibo social media took place after a report from Xinhua, a Chinese media that revealed a lot of scamming or crypto fraud that occurred on social media.

In addition, local media site CCTV also reported that cryptocurrencies are assets that are often used for black market trading. In addition, the media also said that cryptocurrencies are often used for drug transactions and gambling.

This negative sentiment from the Chinese government has been going on for the past few weeks. At that time, the government strictly prohibited government institutions including financial regulators from being involved in trading or exchanging cryptocurrencies.

Nevertheless, the ban ignited the enthusiasm of the people in buying crypto money. They take advantage of cryptocurrency trading platforms to buy Bitcoin cs using more stable cryptocurrencies or stable coins such as USD Tether (USDT). Because the USDT price follows the current US dollar price.