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“This is a doomsday for crypto-KOL.” Accounts of famous personalities associated with cryptocurrency are massively blocked in China



China has stepped up measures to combat bitcoin trading and mining, blocking many cryptocurrency-related accounts on the popular social network Weibo over the weekend. Experts believe that I will soon link illegal cryptocurrency activities with criminal law in China.

Last month, China’s cabinet pledged to take action to combat bitcoin mining and trading just days after three industry bodies banned cryptocurrency financial and payment services. The aforementioned suspension of Weibo accounts was accompanied by a message stating that each account was “in violation of laws and regulations.”

“This is a doomsday for crypto-KOL,” said one of the key opinion leaders (Key Opinion Leader, KOL) who are popular on Chinese social networks. Their recommendations and opinions are listened to when making important decisions.

“The government is making it clear that no Chinese version of Elon Musk can exist in the Chinese cryptocurrency market,” said Winston Ma, professor of law at New York University.

Winston Ma expects the Chinese Supreme Court to soon publish a judicial interpretation that could link crypto mining and trading to China’s criminal law.

In parallel, the central bank of China is accelerating the testing of its own digital currency.

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