Nearly 13,000 Chinese Social Media Accounts Promoting Virtual Currency Shut Down – Regulated Bitcoin News

The Cyberspace Administration of China recently revealed that nearly 13,000 Chinese social media accounts suspected of promoting virtual currency investments were shut down. Additionally, around 51,000 social media posts were removed for content related to marketing or promoting virtual currency investments.

105 sites closed

Chinese regulator China Cyberspace Administration (CAC) reportedly said it had shut down 12,000 “illegal user accounts” on Weibo and Baidu that promoted virtual currency investments. Another 989 Weibo, Tieba and WeChat official accounts encouraging Internet users to invest in virtual currencies, including bitcoin, were also closed according to law.

At the same time, 51,000 social media posts promoting virtual currency investments were removed. In addition, the CAC also reportedly “shut down 105 website platforms such as ‘Bi Toutiao’, which specialized in advocating virtual currency marketing, and published tutorials explaining cross-border currency speculation and virtual currency mining.”

According to a Chinese report websitethe Cyberspace Administration of China and other institutions to crack down on virtual currency investment activities, in line with the Communist Party’s decision.

More target companies

The report also revealed that the local network information department has been commissioned to investigate 500 business entities “involved in virtual currency promotion and speculation.” The department was also ordered to remove content related to virtual currency speculation.

In a warning to Chinese internet users, CAC said they first need to establish the correct investment philosophy and avoid engaging in speculative transactions. Netizens also need to “beware of personal property damage.”

What’s your take on this story? Let us know your thoughts in the comments section below.

Terence Chimwala

Terence Zimwara is an award-winning journalist, author and author from Zimbabwe. He has written extensively about the economic woes of some African countries and how digital currencies can offer Africans an escape route.

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