A local network information department has been asked to probe 500 business entities that are 'involved in the promotion and speculation of virtual currency.' socialmedia cryptomining
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.A Chinese regulator, the Cyberspace Administration of China reportedly said 12,000 “illegal user accounts” on Weibo and Baidu that promoted virtual currency investment have been closed.
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.
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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