Weibo is the equivalent of Twitter in China. A majority of the Chinese citizens use the platform instead of being registered on Twitter. However, in the last few days, a large number of crypto influencers’ accounts were blocked or revoked administrative access. The Chinese media has recently become more active in publishing and highlighting the crypto-related scams that are going on in the country.
The Xinhua News agency has published several articles on cryptocurrencies that related them to criminal activities like money laundering, arms trades, drug purchases, and gambling. Meanwhile, the state broadcaster named CCTV has also related digital assets with black market smuggling.
Crypto Influencer of Weibo Says that the Judgment Day for KOLs has Arrived
The crypto influencers are known in China as Key Opinion Leaders or KOLs. Talking to media, one KOL registered on Weibo claimed that the recent account revocations are like the grand judgment day call for their kind. The commenter who goes by the name ‘Dr. Bitcoin Mini’ has also lost access to her account in the recent social media apocalypse.
The Chinese authorities are clear that they do not want any Chinese version of Elon Musk under their jurisdiction. Winston Ma, Professor of Law at NY University, told the media that the Supreme Court of China would soon write off crypto business and trading as a criminal offense. In such an event, it would be impossible for crypto-related exchanges to remain operational in the region.
Legal Regulators in China Calls for Sharing more Visible and Definite Regulations for Cryptocurrencies
One Fintech regulator from China has recently urged the authorities to formally introduce more transparent crypto-related regulations in the region. He also called to make Bitcoin trading an illegal practice and introduce more strict restrictions on cryptocurrencies in general.
Last month when the Chinese government decided to impose a ban on crypto mining initiatives, the entire crypto market was crashed. Amidst the crypto confusion, the government also keeps working and experimenting with its digital Yuan initiative. Many mining rigs have migrated from China since then and move to more crypto-friendly spaces.