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Beijing Blocks Crypto Accounts, Fearing 'Chinese Version of Elon Musk'

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Published on:
June 7, 2021

A number of the most popular accounts on the microblogging site Weibo abruptly vanished.

Beijing Blocks Crypto Accounts, Fearing 'Chinese Version of Elon Musk'

Table of Contents

China has blocked a number of crypto-related accounts on Weibo, a social network that has been likened to Twitter.

 

It comes as Beijing continues to clamp down on Bitcoin trading and mining.

 

A number of the most popular accounts on the microblogging site abruptly vanished over the weekend because they violated “laws and rules.”

 

According to NYU Law School adjunct professor Winston Ma, the country may be nervous that a Chinese version of Elon Musk could emerge — a person with a large following who ends up influencing retail investors.

 

A Tougher Approach 

Just a few weeks ago, China unveiled new measures that were designed to deter people from participating in illegal Bitcoin mining operations.

 

In the region of Inner Mongolia, penalties were introduced that could lead to offenders being socially blacklisted.

 

The ramifications of such a punishment can be huge — preventing them from getting loans, and even affecting their access to public transport.

 

All of this comes as China continues to put the finishing touches to the digital yuan, its very own central bank digital currency.

 

The country hopes that this new asset will be fully ready for use in time for the Winter Olympics in Beijing next year.

 

Analysts say that China is pursuing a “blockchain, not crypto” approach. This means that, while the nation believes that this technology could have huge benefits, it isn’t a fan of the coins that have been built on top of it.

 

Pilots for the central bank digital currency have been taking place nationwide.

 

A lottery has been held to distribute digital yuan worth $6.2 million to the people of Beijing. Lucky recipients will receive about $31 worth of the CBDC which they can spend at eligible merchants.

Author(s)

Connor Sephton

I cover the crazy world of crypto.

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