China closes cryptocurrency-related websites and social media accounts
Despite an official ban on virtual currencies last year, China continues to fight against them.
As local crypto miners and exchanges have gone into hiding, the Cyberspace Administration of China is blocking thematic sites and social media accounts.
China is known for its rather radical fight against cryptocurrencies. In September 2021, the country’s government made any activity related to them illegal. However, the battle against virtual currencies does not end with that. The next step was to block websites and social media accounts that contain information about cryptocurrencies and promote investments in them.
Throughout the current year, Cyberspace Administration has closed 12,000 crypto-related accounts and deleted more than 51,000 posts like “It’s easy to make money investing in Bitcoin” and others.
In its message, the central regulator notes that cryptocurrency speculation and fraud continue to gain momentum. Numerous solutions are being implemented to combat “false propaganda, such as high returns from investing in virtual currencies”. Users play an active role in this, being invited to provide evidence to purge the Web of illegal information further.
Also, repressive measures include interviewing more than 500 commercial organizations, blocking 105 websites specializing in promoting and trading cryptocurrencies, and issuing educational manuals. In the future, the Cyberspace Administration plans to intensify the fight against illegal financial activities with the support of related agencies.
In an address to the public, Chinese officials demonstrate a categorical and decisive attitude toward cryptocurrencies:
Remind most network users to establish correct investment concepts, raise their awareness of risk prevention, avoid engaging in speculative virtual currency trading activities, and be wary of damage to personal property.
