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China Blocks Several Cryptocurrency-related Social Media Accounts Amid
Crackdown

Reuters

   SHANGHAI - A slew of crypto-relatedaccounts in China's Twitter-like
   Weibo platform were blockedover the weekend, as Beijing stepped up a
   crackdown on bitcointrading and mining.

   More actions are expected, including linking illegal cryptoactivities
   in China more directly with the country's criminallaw, according to
   analysts and a financial regulator.

   Last month, China's State Council, or cabinet, vowed tocrack down on
   bitcoin mining and trading, escalating a campaignagainst
   cryptocurrencies days after three industry bodies bannedcrypto-related
   financial and payment services.

   Over the weekend, access to several of widely followedcrypto-related
   Weibo accounts was denied, with a message sayingeach account "violates
   laws and rules."

   "It's a Judgment Day for crypto KOL," wrote a Weibo bitcoincommentator,
   or key opinion leader (KOL), who calls herself"Woman Dr. bitcoin mini."
   Her main account was also blocked onSaturday.

   "The government makes it clear that no Chinese version ofElon Musk can
   exist in the Chinese crypto market," said NYU LawSchool adjunct
   professor Winston Ma, referring to the Teslafounder and cryptocurrency
   enthusiast.

   Ma, author of the book "The Digital War," also expectsChina's supreme
   court to publish a judicial interpretation soonthat may link crypto
   mining and trading businesses with China'sbody of criminal law.

   The view was echoed by a financial regulator, who said thatsuch an
   interpretation would address the legal ambiguity thathas failed to
   clearly identify bitcoin trading businesses as"illegal operations." All
   the rules against cryptocurrencies sofar in China have been published
   by administrative bodies.

   The Weibo freeze comes as Chinese media have stepped upreporting
   against crypto trading.

   The official Xinhua News Agency has published articles thatexposed a
   series of crypto-related scams. State broadcaster CCTVhas said
   cryptocurrency is a lightly regulated asset often usedin black market
   trade, money laundering, arms smuggling,gambling and drug dealings.

   The stepped-up crackdown also comes as China's central bankis
   accelerating testing of its own digital currency.

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