Report: Nearly 13,000 Chinese Social Media Accounts Promoting Virtual Currency Closed

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Nearly 13,000 Chinese social media accounts that allegedly promoted virtual currency investments were closed, the Cyberspace Administration of China recently revealed. In addition, some 51,000 social media posts with content relating to the marketing or promotion of investments in virtual currencies were removed.

105 Websites Shut Down

A Chinese regulator, the Cyberspace Administration of China (CAC) reportedly said 12,000 “illegal user accounts” on Weibo and Baidu that promoted virtual currency investment have been closed. A further 989 Weibo, Tieba, and Wechat public accounts that encouraged internet users to invest in virtual currencies including bitcoin, were also closed as per the law.

At the same time, 51,000 social media posts whose content promoted investments in virtual currencies were removed. In addition, the CAC is also reported to have “shut down 105 website platforms such as ‘Bi Toutiao’ which specifically advocates for virtual currency marketing and publishes tutorials explaining cross-border currency speculation and virtual currency mining.”

According to a report on a Chinese-language website, the CAC and other agencies’ crackdown on virtual currency investing activities is in line with the decisions of the Communist Party.

More Businesses Targeted

The report also revealed that a local network information department has since been tasked with probing 500 business entities that are “involved in the promotion and speculation of virtual currency.” The department has similarly been asked to remove content relating to virtual currency speculation.

In a warning to Chinese internet users, the CAC said they first need to establish the right investment concept as well as avoid participating in speculative trading. Internet users also need to “guard against personal property damage.”

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