A slew of crypto-related accounts on China’s Twitter-like Weibo platform get blocked over a wild and eventful weekend for cryptocurrencies, as access to several widely followed crypto-related accounts was denied, with a message saying each account “violates laws and rules”, reported Reuters.
A few financial regulators and analysts suggest that there’s more action on the cards, as China looks to apprehend illegal crypto activities which fall directly under the country’s criminal law.
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The crypto freeze on the Weibo platform comes after a flurry of emerging trends that suggest that Chinese media outlets have stepped up reporting against illegal crypto trading. China’s premier Xinhua News Agency recently published a series of reports in this regard, exposing crypto-trading in black market trade, money laundering, arms smuggling, gambling, and drug dealing.
While the underlined development may seem a little too disturbing for investors who’re still young to the crypto game, there’s always a light at the end of the tunnel if you’re willing to wait for what’s to come. For what it’s worth, China’s crackdown on cryptocurrencies is good in the long-term, as the country speeds up testing of its own digital Yuan, a feat that could essentially pave a new path for tailoring universal regulations for cryptocurrencies.
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