China Council Announce to Block Cryptocurrency-related Accounts, Trading

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A slew of crypto-related accounts in China’s Twitter-like Weibo platform have been blocked as Beijing stepped up a crackdown on bitcoin trading and mining. More actions are expected, including linking illegal crypto activities in China more directly with the country’s criminal law, according to analysts and a financial regulator.

According to report, China’s State Council, or cabinet, vowed to crack down on bitcoin mining and trading, escalating a campaign against cryptocurrencies days after three industry bodies banned crypto-related financial and payment services, according to Reuters.

In the statement according to the council, access to several of widely followed crypto-related Weibo accounts was denied, with a message saying each account “violates laws and rules.”

Commenting, a Weibo bitcoin commentator, or key opinion leader (KOL), who regard herself as Woman Dr. Bitcoin mini, says; “It’s a Judgment Day for crypto KOL”. Also, her main account was blocked and restricted.