The cryptocurrency Bitcoin has achieved milestones as it has become the biggest digital coin to exist in the world. However, the coin always manages to get trapped in controversies every other day. Recently, China announced that it will be banning virtual currency in its country. After that, the entire Bitcoin market tumbled down the cliff. Undoubtedly, it created massive chaos among the investors. Now, after that sudden ban, the country has further blocked all the Weibo accounts that are in any way related to cryptocurrencies.
Yes, the country has decided to block the accounts of the Twitter-like Weibo platform that will seem connected with the digital currencies. Since last weekend, China has even blocked plenty of accounts. Besides, the country is all set to take some crucial strict actions against illegal crypto activities alongside. If any person found interlinked with the banned cryptocurrencies then he might have to face some extreme consequences reportedly. According to some financial regulators and trend analysts, the opposition to the ban and continuation of the crypto coin will count as criminal law.
China’s Crackdown on Crypto:
The state council of China, Beijing has announced a crackdown on bitcoin mining and trading altogether. The cabinet has made this due to the climate conditions. For those who are unaware of the fact how the climate and bitcoin are interrelated, let us clear that first. To produce tokens or coins, crypto mining is done. However, it’s not as manageable as it seems because a lot of electricity is consumed during the entire procedure of bitcoin mining.
Generating Bitcoins require a wide number of computers and these absorb high power which further needs a huge amount of electricity. So, taking the same into consideration China reached this conclusion to ban the currency in the country. China provides up to three-quarters of the world’s supply which has eventually come into danger.
Users’ Weibo Accounts Get Blocked:
Ever since the cabinet brings the regulations to the policies, they have been blocking the Weibo accounts connected to cryptocurrency. The users received a message on their respective accounts that read “Violates laws and rules” and after that their account got blocked. Plenty of accounts got blocked related to crypto in China. A user who addresses herself as “Woman Dr. bitcoin mini” posted “It’s a judgment Day for crypto KOL”. Soon after her post, her main account got blocked.
The professor of NYU Law School Winston Ma stated that the country doesn’t want to welcome a Chinese version of Elon Musk nor the Chinese crypto market. Elon Musk is a hugely popular name in the world of Crypto. He is the CEO of Tesla Motors and also used to be a renowned enthusiast of the cryptocurrency. However, Musk has been hinting towards his break away from Bitcoin through his ambiguous tweets nowadays.
Winston Ma has also mentioned that soon China’s supreme court will include any crypto trading or mining business under criminal law. The Digital war author added that the court will publish the judicial interpretation in the following days. However, the legislative bodies of China have issued rules and regulations regarding cryptocurrencies.