China’s Cyberspace Administration issues warning on promotional cryptocurrency material
of China Cyberspace Administration (CAC) isIllegal Information, Accounts, and Websites Promoting Cryptocurrencies on August 9”.
CAC on a mission to wipe out cryptocurrency propaganda
of May 2021, authorities cracked down on proof-of-work mining.Following this, the People’s Bank of China Complete ban The central bank said cryptocurrencies facilitate financial crime and pose risks to the financial system.
But nearly a year after the ban, China’s internet regulator said online “related activity” continued to surge. While pledging to “clean up and deal with” Internet content that promotes and hypes digital currencies,
“With the rise of cryptocurrencies, related activities such as speculation, hype and fraud are becoming more and more intense.“
The agency claimed that such materials were false advertisements, such as promises of high profits, and that participation would lead to financial losses.
“Some netizens are confused by false advertisements such as high return on investment in cryptocurrencies, and blindly participate in related trading activities, causing more damage to their property. ”
This notice reminded the website of its responsibility to follow previously issued guidelines on this matter. Under the regulations, Weibo and Baido removed the platforms of his 12,000 users who violated the guidelines, removed 51,000 of his posts of cryptocurrency propaganda materials, and shut down 105 of his websites. added.
The CAC said it will continue to crack down on “illegal financial activities” related to cryptocurrencies to keep people safe.
China’s anti-crypto stance
Recent articles from Bitcoin magazine We speculate that China’s tough stance on Bitcoin and cryptocurrencies comes down to “central planners” trying to cling to power and control while trying to maintain the fiat currency system.
“Banning Bitcoin is a pure offshoot of the free internet and a denial of centralized power, an essential tool to counter the coercion of fiat currency.”
In particular, the authors drew attention to China’s attempts to stem capital flight using tight financial controls. In reference to the Bitcoin ban, the play has been described as an attempt to “block all possible escape routes.”
Worse, the scope of control has expanded under the digital yuan, which may explain why China is pushing hard for nationwide expansion.
