As reported by South China Morning Post (SCMP), China has continued to tighten its control on the internet, carrying out a campaign to “clean up” related-crypto topics. This is a new campaign launched since the Chinese authorities have ruthlessly destroyed major Bitcoin mining powerhouses and implemented a comprehensive ban on the industry.
The Cyberspace Administration of China (CAC) on August 9 deleted 12,000 social media accounts associated with cryptocurrencies. Nearly 1,000 accounts of those accounts have been guiding internet users to invest in cryptocurrencies in the name of financial innovation and blockchain, the CAC said.
The removal of crypto-related profiles was implemented on various social media platforms such as Weibo, Baidu and Tencent’s Wechat. The agency has also closed 105 websites that either promote cryptocurrencies or post instructions for users to buy, sell, and mine cryptocurrency.
The Chinese government said that many netizens have been lured with the promise of huge profits but finally, suffered heavy losses from crypto trading activities. CAC requires platforms on the internet to take strong measures to prevent cryptocurrency speculation while strengthening efforts to remove content and accounts related to cryptocurrency investments.
The space for crypto-related activities has continued to shrink in China after the government banned crypto trading and mining activities.
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