China’s Cyberspace Administration recently announced that approximately 13,000 Chinese social media accounts that allegedly promoted virtual currency investments have been closed. In addition, approximately 51,000 social media posts with content related to the marketing and promotion of investments in virtual currencies were removed.
105 websites were shut down
The China Cyberspace Administration (CAC), a Chinese regulator, reported that 12,000 “illegal user accounts” on Weibo and Baidu promoting virtual currency investments were closed. It also reported that 989 public accounts on Weibo, Tieban, and Wechat that encouraged Internet users to invest in virtual currencies, including bitcoin, were also closed in accordance with the law.
At the same time, 51,000 social media posts with content promoting investment in virtual currencies were removed. In addition, the CAC also reportedly closed 105 website platforms, including “Bi Toutiao, which specifically advocates virtual currency marketing and publishes tutorials explaining cross-border currency speculation and virtual currency mining.”
According to a reporton the Chinese-language websitea reporton the Chinese-language websitesaid that the crackdown on virtual currency investment activities by the CAC and other agencies is in line with the Communist Party’s decision.
more companies are targeted
The report also revealed that the Local Network Intelligence Unit was subsequently ordered to investigate 500 entities “involved in the promotion and speculation of virtual currencies.” The department has likewise been asked to remove content related to virtual currency speculation.
In a warning to Chinese Internet users, the CAC said they must first establish the right investment concepts and avoid participating in speculative transactions. Internet users also need to “protect against damage to their personal property.”
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