China has been clamping down on crypto activities in the past months. The regulators are now on Weibo, a popular social site that is similar to Twitter. Following the recent call for crypto crackdowns, the leading social media platform banned many accounts that deal with cryptocurrency promotion activities.
Blocking cryptocurrency account is the harshest thing to have happened on the Weibo platform.
It is with no doubt that the ban responds to the Beijing clampdown protocols. Keep in mind that Beijing has been prohibiting crypto mining and trading activities in the region over the past weeks. First, multiple cryptocurrency derivative exchanges banned their Chinese crypto accounts registered with Chinese mobile numbers. After that, Inner Mongolia, a leading Bitcoin hub, passed new laws to ban all crypto mining deals in the area.
The later event revealed that the new cryptocurrency regulations might not be that hash as investors thought. The rules allowed Chinese traders to undertake crypto deals without the government’s protection on the related risks.
Besides Inner Mongolia, other BTC mining areas such as Sichuan are looking for alternate regions for crypto activities coming next season.
A Minor BTC Slump
As the news about Weibo crypto accounts suspension surfaced, the BTC price declined below $36,000. However, the leading coin recovered right back to trade at $36,457, a 0.7% drop over the last 24 hours.
However, market players later revealed that the suspension was only limited to crypto promotional accounts. The move saw all accounts that indulge in promoting various crypto exchange schemes wiped out.
The main reason behind China’s Bitcoin crackdown is Beijing’s move to achieve green neutrality.
Keep in mind that different nations, including the US, have been showing concerns over crypto activities’ impact on the environment. China seems to be the only country with a solid move on the matter as other nations remain skeptical. Also, companies like Tesla suspended BTC deals some months ago due to the high electricity needed for its undertakings.
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