The government doesn’t want a Chinese version of Elon Musk, an expert said.
China’s crackdown on cryptocurrencies has reportedly spread to social media. Weibo, China’s Twitter-like microblogging service with over 530 million monthly active users, has reportedly suspended several popular Bitcoin (BTC) and crypto-related content creators on the platform.
According to local reports, at least a dozen crypto influencers on Weibo have been unable to use their accounts on Saturday night. Weibo greeted other users who visited suspended accounts with a message saying the banned accounts have violated Weibo guidelines and “relevant laws and regulations.”
A Weibo user nicknamed Woman Dr. bitcoin mini, who saw her account was blocked on Saturday, called Weibo’s action a Judgment Day crypto influencers.
NYU law school adjunct professor and former China Investment Corporation managing director Winston Ma said, “The Chinese government makes it clear that no Chinese version of Elon Musk can exist in the Chinese crypto market.”
The academic was alluding to Elon Musk's controversial influence over cryptocurrency markets on social media.
Ma also expects China’s supreme court to publish a judicial interpretation soon that may link crypto mining and trading businesses with China’s body of criminal law, according to reports.
The government’s negative stance on crypto has echoed across all parts of the industry in China. After Beijing authorities started investigating crypto mining data centers’ energy consumption in April, Bitcoin mining became a risky operation in the country. Major miners have since announced that they will end their operations in the country.
Last week, financial regulators in China’s Hainan province warned citizens about illegal fundraising campaigns that use digital currency or blockchain as promotion material, stating that illicit token issuance and financing activities are forbidden.
Cointelegraph reached out to Weibo for comment and will update this article should they respond.