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China cyberspace regulator warns Internet website against any activity related to promoting cryptocurrency

The Cyberspace Administration of China (CAC) issued a warning on August 9, against ” websites, illegal information and accounts.” that promote and hype cryptocurrency.

The authorities in May 2021, put an end to Proof-of-work mining activities. This happened just after the People’s Bank of China ordered a total restriction on digital currency transactions in September 2021.

As per the national bank, cryptocurrency is a possible cause of monetary crime and imposes risks to the monetary system.

Moreover, China’s web controller said on the web that, “with the proliferation of digital currencies, activities related to speculation, hype and fraud have become more and more serious.” While vowing to “clear and deal with” web content that advances and builds up cryptocurrencies.

Apart from this, the organisation maintained that such material i.e. Cryptocurrency is misleading propaganda, claiming high yields and that investment will bring monetary misfortune.

The Cyberspace Administration of the People’s Republic of China requests websites to take action and follow their responsibility on issued guidelines on cryptocurrency. Under the rules, Weibo, Baidu and other platforms shut down 12,000 illegal accounts and cleaned greater than 51,000 pieces of information related to investing in bitcoin to make high returns.

The CAC said it would continue to protect people against fraud and misleading information and shut down “illegal activity” related to digital currencies.

Bitcoin Magazine’s recent article guessed that China’s intense position on Bitcoin and digital forms of money reduces to “central planners” attempting to influence and control while endeavoring to keep the fiat framework ticking over.

Specifically, the creator diverted attention to China’s endeavor to stem capital flight using severe financial controls. in addition to the Bitcoin ban, the play is portrayed as an endeavor to “fix off all potential roads for escape.”

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