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HomePersonal FinanceAnother major setback to bitcoin's trading and mining, China blocked many accounts

Another major setback to bitcoin’s trading and mining, China blocked many accounts

Recently, China banned its financial institutions and payment companies from doing any kind of crypto-related transactions or any other kind of service to curb cryptocurrency trading in the country. This simply means that banks and online payment channels can no longer offer any services related to cryptocurrency to customers. Now the government has blocked many crypto related accounts running on China’s native Twitter i.e. Weibo. According to a media report, China has done this in the last two days. It is suspected that China did this to influence bitcoin trading and mining.

Reuters news agency reports that China has blocked several accounts operating on the Weibo platform in the country that were related to cryptocurrency trading. Certainly this move could have an impact on cryptocurrency trading and mining. Citing analysts and a financial regulator, the report further says that more such steps may be seen in the coming days, which will also include a ban on illegal crypto activities through the country’s criminal law.

Over the past two days, access to several crypto-related Weibo accounts that are followed by a large number of users has been blocked. A message is now being written on all these accounts, whose Hindi translation says “Violates the law and rules.”

The report also mentions the reactions of some users. A Bitcoin commentator and Key Opinion Leader (KOL), who calls herself “Woman Dr. Bitcoin mini”, says “It’s a judgment day for KOL” (translated). Please tell that on Saturday his main Weibo account was blocked.

Let us tell you that in the middle of last month, China banned its financial institutions and payment companies from providing transactions or any other type of service related to cryptocurrency. China had imposed a similar ban four years ago in 2017, but the new rules implemented in the new ban have limited services even more. With this, the real value of the virtual currency has become lighter than before. After this move of China, there was a big impact in the price of Bitcoin.<!–

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