According to the Chinese journalist Colin Wu, which publishes articles about China on its Twitter account WuBlockchain, several users who publish content about cryptocurrencies are being banned do Weibo, the country’s main social network.
Weibo, or Sina Weibo, is a social network that mixes features of Twitter and Facebook, it is one of the largest social media platforms in the country, and in March 2021 the site reported that it had more than 230 million active users per morning.
The journalist explained that social networks in the country are monitored by China’s Propaganda Department, so, regarding Beijing’s crackdown on cryptocurrencies, the social network is working together with the government and, because of that, has started to ban accounts that have any relation to the subject.
“Weibo (Twitter from China): Several accounts that talk about cryptocurrencies have been banned. This is the biggest ban in the history of cryptocurrencies and may be related to the Beijing crackdown [contra as criptomoedas].” – Said the journalist.
According to the Wu Blockchain profile, banned accounts include famous leaders in China and many well-known cryptocurrency traders in the market.
Breaking: On Weibo (China’s Twitter), a large number of cryptocurrency KOL accounts have been blocked. This is the harshest suspension of crypto in history, and it may be a response to Beijing’s crackdown policy. pic.twitter.com/QaYehR3NnV
– Wu Blockchain (@WuBlockchain) June 5, 2021
The journalist said he believed the move could be the Chinese government’s latest offensive against cryptocurrencies.
On May 18, the country began increasing its crackdown on the market, suddenly deciding to ban Chinese financial institutions from participating in the digital asset market.
Under the ban, companies such as banks and online payment platforms must not offer customers any service that includes cryptocurrencies. This includes registration, negotiation, withdrawal and payment.
It is not the first time that the Chinese social network has blocked accounts from influencers who talk about cryptocurrencies.
Weibo did not publish an official statement explaining why the accounts were blocked. Most of the suspended accounts today had posts related to “bitcoin”, “btc”, “blockchain” and “cryptocurrencies”.
The Chinese government has been trying to crack down and regulate cryptocurrencies in recent weeks. In particular, Beijing tightened market restrictions and promised to ban cryptocurrency mining.
Several companies such as Huobi, OKEx and BTC.TOP have suspended their mining activities for Chinese customers.
The news of Weibo banning accounts that talk about cryptocurrencies may have panicked some investors as the price of the digital currency dropped about 3% on Saturday. However, this Sunday Bitcoin operates at a high and appreciated 1.16% in the last 24 hours.
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