China is intensifying its crackdown on Bitcoin mining and trading by banning a number of cryptocurrency-related accounts on China’s Weibo social media platform.
More actions from the government in Beijing are expected, including linking illegal cryptocurrency activities in China more directly with the country's criminal laws, according to financial regulators in that country.
In May, 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 cryptocurrency-related financial and payment services.
Over the weekend, access to several widely followed cryptocurrency Weibo accounts were denied, with a message saying each account "violates laws and rules." Weibo is China’s version of social media platform Twitter (NYSE:TWTR).
The Weibo freeze comes as Chinese media have stepped up reporting against crypto trading.
The official Xinhua News Agency has published articles that exposed a series of cryptocurrency-related scams. State broadcaster CCTV has said cryptocurrency is a lightly regulated asset often used in black market trade, money laundering, arms smuggling, gambling and drug dealing.
The stepped-up crackdown also comes as China's central bank is accelerating testing of its own digital currency.
