Just last week, Weibo, China’s largest microblogging site, blocked cryptocurrency-related accounts from posting content as part of a new crackdown on the crypto industry. The move appears to be part of a broader drive to clean up the Internet by reducing the amount of content associated with illicit activities.
On May 30, China’s most popular social media platform, Weibo, started blocking multiple accounts related to cryptocurrency like Bitcoin, Ethereum, and Litecoin. One of the accounts blocked is known as the “China Trading Bitcoin” and is tracked by CoinMarketCap.com. It is a well-known account, but that evidently wasn’t enough for Weibo to take action.
Weibo, one of China’s biggest social media networks, has begun implementing a new system that will prevent multiple accounts from being used on the platform. The “multiple account system”, as it is called, will limit the number of accounts in a single key pair.. Read more about weibo cryptocurrency and let us know what you think.Summary of the situation – Weibo to immediately block advertising accounts. – Beijing is fighting cryptocurrencies and trying to block bitcoin exchanges. Chinese social network Weibo supports the Chinese government’s crackdown on cryptocurrencies. The Twitter-like platform has banned several accounts related to virtual currency and its marketing. The social network is directly related to the GOP’s statements against the commercial market. Many crypto experts believe the social network’s blockchain is the largest ever. Never before has such a popular social network in China taken such a step with the support of higher authorities. Beijing has called for a ban on cryptocurrency trading and a halt to mining. These demands have been maintained for the past two weeks and the authorities continue to exert increasing pressure. Several cryptocurrency exchanges have suspended their accounts in China that were registered on a Chinese phone. The bitcoin mining center in Inner Mongolia continued to support the regulation of cryptocurrencies in the region. This latest move has hit crypto traders hard, but they have continued to trade anyway.
Weibo restrictions are just the tip of the iceberg
If blocking crypto-currency accounts on Weibo was serious at all, it seems to be just the tip of the iceberg. Many Chinese investors are finding that repression in China has increased and they are trading at their own risk. The law doesn’t protect these people, so they’re probably afraid of getting caught. Outside Lower Mongolia, other mining authorities have decided not to impose a total trading ban. This measure will be implemented in the coming days so that investors can apply it gradually. Mining regions such as Sichuan have attracted users looking for mining alternatives in China.
Bitcoin falls sharply after move by Chinese social network
According to several sources on Weibo, the price of bitcoin dropped below $36,000 before the ban. The collapse was trending on Weibo and other Chinese social media where investors expressed their displeasure. The cryptocurrency has remained in the $35,000 – $36,000 range for the past 24 hours. Following Weibo’s announcement, the social network’s representative said that the blocking will only affect cryptocurrency ad accounts. The public accounts will remain intact, allowing them to communicate and speculate on cryptocurrencies without any problems. China’s crackdown on cryptocurrencies is also supported by news of Beijing and its fight to neutralize carbon. The GOP believes that a total ban on cryptocurrencies is the best solution. However, the measures imposed by the authorities do not seem to be clear enough to remove the reasons for blocking the bitcoin market.Weibo is a Chinese microblogging service, similar to Twitter. It has millions of users and has become a powerful tool for social media marketing. Weibo, however, is not without its drawbacks. Weibo has blocked multiple accounts that are associated with cryptocurrencies. Users of those accounts said that Weibo not only blocked these accounts but also deleted the posts and information posted by those accounts.. Read more about why ada coin is falling and let us know what you think.
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