Horror! China Blocks 12,000 Social Media Accounts Promoting Cryptocurrency

China has blocked tens of thousands of social media accounts discussing crypto. (Unsplash)

JAKARTA – In the midst of the recovery of the crypto market in recent days, the Chinese government has reportedly blocked thousands of social media accounts that promote cryptocurrencies. That was done by the Cyberspace Administration of China (CAC) recently.

According to a Bitcoin.com News report, CAC has closed 12,000 “illegal user accounts” on social media Weibo and Baidu promoting the virtual currency. Furthermore, 989 public Weibo, Tieba, and Wechat accounts that encourage internet users to invest in virtual currencies including bitcoin, were also closed according to local regulations.

At the same time, 51,000 social media posts whose content promoted investing in virtual currencies were removed. Additionally, CAC is also reported to have “shut down 105 website platforms such as 'Bi Toutiao' which specifically advocates for virtual currency marketing and published tutorials explaining cross-border currency speculation and virtual currency mining.”

According to the latest reports, the CAC and other institutions' crackdown on virtual currency investment activities is in line with the official decisions of the Chinese Communist Party.

It did not stop there, relevant agencies in China were tasked with investigating 500 business entities that were judged to be "involved in the promotion and speculation of virtual currencies." The department was urged to remove various content related to virtual currency speculation.

In a warning to Chinese internet users, the CAC said they must first establish the right investment concept and avoid participating in speculative trading.

With this action, the Chinese government showed an attitude in stemming the movement of cryptocurrencies in the country.