In a fresh attack on crypto-related activities in the country, the Chinese government banned social media accounts belonging to popular cryptocurrency proponents over the weekend.
Reuters reported today that the attack was mainly aimed at crypto enthusiasts who have massive followers on the popular Chinese social media platform, Weibo.
Per the report, users who tried to check for fresh updates from these Weibo crypto influencers were greeted with a message that their accounts were blocked for violating laws and rules.
One popular social media crypto influencer who was affected by China’s latest move is Weibo crypto commentator, Key Opinion Leader (KOL).
KOL, who had her main account suspended by the government, wrote on her second Weibo account, saying: “It’s judgment day for crypto KOL.”
The move is China’s latest stringent effort against crypto-related activities, especially trading and mining operations, with many expecting more hostile measures against the industry in the coming weeks.
Analysts and financial regulators believe the government should work on a law that would link illegal crypto transactions with its existing criminal laws.
No to the “Chinese Version” of Elon Musk
Winston Ma, the NYU Law School adjunct professor, told Reuters that the crackdown on crypto-related Weibo accounts is part of the government’s efforts to ensure that no Chinese version of Elon Musk will ever exist in the country’s crypto space.
Recall that Musk’s tweets from last month were largely a cause for the price of Bitcoin (BTC) and other cryptocurrencies to plummet by nearly 50%.
The famous electric car CEO tweeted in mid-May that the company will no longer accept bitcoin payments due to the environmental issues caused by the cryptocurrency. The market was quick to react to the announcement, with bitcoin crashing to nearly $30,000.
More Stringent Measures to Follow
Ma also added that he expects the Chinese apex court to publish a legal interpretation that will tie all crypto transactions with the country’s criminal law.
An unnamed financial regulator also agreed with Ma, adding that the judicial interpretation would help provide clarity on the ambiguous regulation of the crypto space, which has failed to identify bitcoin transactions as illegal.
Meanwhile, as China continues to attack the entire crypto industry, the Republic of El Salvador is edging closer to becoming the first country in the world to adopt bitcoin as a legal tender.