Nearly 13,000 Chinese Social Media Accounts Promoting Virtual Currency Closed – Regulation Bitcoin News

According to the Cyberspace Administration of China, nearly 13,000 Chinese accounts on social media that promoted investments in virtual currencies were recently closed. A further 51,000 posts on social media promoting or marketing virtual currency investments were also removed.

105 websites shut down

A Chinese regulator, the Cyberspace Administration of China (CAC) reportedly said 12,000 “illegal user accounts” on Weibo and Baidu that promoted virtual currency investment have been closed. According to the law, 989 Weibo Tieba and Wechat public accounts encouraging internet users invest in virtual currencies, such as bitcoin were also shut down.

51,000 posts on social media that promoted virtual currency investments were also removed. In addition, the CAC is also reported to have “shut down 105 website platforms such as ‘Bi Toutiao’ which specifically advocates for virtual currency marketing and publishes tutorials explaining cross-border currency speculation and virtual currency mining.”

According to a report on a Chinese-language website, the CAC and other agencies’ crackdown on virtual currency investing activities is in line with the decisions of the Communist Party.

Additional Businesses are Targeted

The report also revealed that a local network information department has since been tasked with probing 500 business entities that are “involved in the promotion and speculation of virtual currency.” The department has similarly been asked to remove content relating to virtual currency speculation.

The CAC warned Chinese Internet users to first establish the correct investment strategy and to avoid participating in speculative trades. Internet users also need to “guard against personal property damage.”

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Terence Zimwara

Terence Zimwara was a Zimbabwe author, journalist and writer who won the award. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.