In attempt to step up a crackdown on bitcoin trading and mining, a slew of crypto-related accounts in China’s Twitter-like Weibo platform have been blocked by Beijing. More actions are expected, including linking illegal crypto activities in China more directly with the country’s criminal law, according to analysts and a financial regulator.
China’s State Council, or cabinet, vowed to crack down on bitcoin mining and trading last month. It also steps up a campaign against cryptocurrencies days after three industry bodies banned crypto-related financial and payment services.
As access to several of the widely followed crypto-related Weibo accounts was denied over the weekend, a Weibo bitcoin commentator, or key opinion leader (KOL), who calls herself “Woman Dr. bitcoin mini.” wrote: “It’s a Judgment Day for crypto KOL.”