Weibo News: China’s crackdown on cryptocurrencies has reached the popular social media platform Weibo, the Chinese version of Twitter. Many accounts associated with crypto promotions have been banned by the platform in light of the recent crypto fine call from the central government.
The massive blocking of crypto accounts on the Weibo’ platform is believed to be the most drastic event in the social media giant’s history.
Beijing’s call for a strict ban on crypto trading and mining has been going on for the past few weeks. First, several crypto derivatives exchanges suspended all Chinese trading accounts registered using a Chinese phone number. Later, Inner Mongolia’s popular Bitcoin mining hub made new regulations to ban any form of crypto mining in the region.
Outside of Inner Mongolia, other leading Bitcoin mining districts, including Sichuan, have made the decision to ban miners immediately and report that they should start looking for alternative locations from next season.
Bitcoin price registers minor decline
Bitcoin price briefly dropped below $36,000 as soon as news about the Chinese social media cleanup emerged. However, the price quickly bounced back and is currently trading at $36,457, down 0.7% in the last 24 hours.
Later, it turned out that the closing of crypto accounts on Weibo is only limited to promotional accounts promoting different plans of various exchanges. Other crypto-related social media accounts remained untouched.
China’s pressure on miners is also associated with Beijing’s push for carbon neutrality, rather than banning Bitcoin mining altogether in the country.