China blocks nearly 13,000 social media accounts over cryptocurrency ads

  • China continues to “pressure” on the digital asset sector
  • The authorities carried out another “cleansing”, deleting almost 13 thousand pages on social networks
  • Through these accounts, users promoted ideas for investing in digital assets

Today, August 9, the Cyberspace Administration of the People’s Republic of China (CAC) released a report on the control measures taken “speculationaround cryptocurrencies. The agency blocked 12,989 pages on social platforms on suspicion of promoting digital assets.

“With the advent of cryptocurrencies, speculation, fraud and deception on the network are gaining momentum. Some users are confused by false promises of high returns, and blindly engage in digital asset trading, which inevitably entails losses” – according to a press release from the department.

As part of a program to censor cryptocurrencies, the agency blocked 12,000 pages of organizations that advertised investments in this sector. Officials have also removed over 50,000 promotional materials from platforms such as Weibo, Tieba and WeChat.

The personal pages of users were also banned. In particular, the agency blocked 989 accounts of individuals who were seen promoting investments in cryptocurrency.

In addition, about 500 contractors were under investigation. They are accused of supplying crypto services, as well as promoting venture investments in the digital asset sector.

In the near future, the management plans to eliminate more than 100 platforms, including educational ones. For example, the Bi Toutiao platform distributes tutorials and master classes on promoting digital assets online. All this is part of China’s global course to ban cryptocurrencies. We previously reported that a Chinese court found it illegal to pay wages in crypto.

Author of articles on trading and investments, which I have been doing for more than 8 years. Even from your phone, you can open a deal, buy shares, build up capital in assets that will bring dividends even when you stop working. You can't just not think about it.

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