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In a recent move against cryptocurrencies, China's Weibo platform has terminated the accounts of 80 prominent crypto figures, some boasting 1 million subscribers, for violating multiple regulations.
The violations pertained to illegal fundraising, internet safety, and financial risk management. According to a statement released by Sina Finance on Tuesday, the move is part of China's ongoing efforts to maintain control over its financial ecosystem.
This action by Weibo follows a major nationwide crackdown initiated by the Cyberspace Administration of China (CAC) in August 2022. During that operation, the regulator shuttered 12,000 crypto-related accounts and removed 51,000 social media posts related to cryptocurrencies on both Weibo and Baidu.
The CAC justified its actions at the time by stating that the measures aimed to foster correct investment concepts, enhance risk prevention awareness, curb speculative activities, and safeguard personal finances.
China's strict approach to cryptocurrencies has been gradually developed over the past decade. It began in 2013 with the banning of Bitcoin transactions by Chinese banks.
In September 2021, government agencies intensified their stance by declaring all crypto transactions and services illegal. They also embarked on a mission to eliminate mining, the energy-intensive process through which new coins are created and transactions are verified.
While China tightens its grip on cryptocurrency trading, it is concurrently promoting the use of its digital currency, the digital RMB, issued by the People's Bank of China. Unlike decentralized cryptocurrencies, the digital RMB offers traceability and direct government oversight of fund usage, as it operates under a centralized framework.
Despite the regulatory crackdown, China's underground crypto community persists, adapting to avoid scrutiny using virtual private networks and ensuring energy consumption remains dispersed. Estimates from the Cambridge Centre for Alternative Finance reveal that China accounts for a substantial portion of Bitcoin mining, contributing to one-fifth of the overall processing power.
Photo: Kanchanara/Unsplash
