China: Government declares war on crypto accounts
China: Government declares war on crypto accounts
Crypto

China: Government declares war on crypto accounts

By George Michael Belardinelli - 9 Aug 2022

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The Government of China, through the aforementioned body, also checked 500 websites on the crypto theme, closing 105 which, according to the CAC (Cyberspace Administration of China), feed speculative strategies and a distorted use of these tools in order to evade and generate illicit profits.

China and Crypto in contrast

China’s relationship with Crypto has always been love and hate, initially in the early days of this asset when the rest of the world had no idea what we were talking about, China saw the proliferation of enthusiasts, investors and miners of Bitcoin, ETH and other tokens until the world changed. 

When Bitcoin and the rest of the digital currencies broke through to even the most jealous investors and became a major and widespread asset worldwide, the country of Xi Jingping made a resounding U-turn, at least officially. 

Unrelenting fight against miners and prohibitionist policies toward any cryptocurrency whether safe or not and regardless of its nature. 

The banning of digital currencies while causing multiple defections in investors helped create a kind of hidden parallel market in which secretly miners and investors continued to operate.

The bearish market supported the government’s action and its policy by helping a physiological skimming by greatly lowering trading and prompting many small investors to sell. 

More than 12,000 Weibo and Baidu profiles were shut down and more than 51,000 pieces of information deemed harmful, false or misleading were removed from circulation. 

Much of this information was inferred to contain phrases inviting people to invest in Bitcoin by promising exorbitant and often quick gains. 

Despite the bans placed by the Chinese government, exchanges of Bitcoin and major cryptocurrencies and altcoins continue to proliferate showing strong Chinese interest in the asset and an internal struggle that is far from over despite the government’s iron fist. 

Bitcoin’s recent rise in value has reinvigorated lovers of the rising sun’s digital currencies by rapidly leaping trading volume and bringing Bitcoin back into vogue, which unencumbered by miners and investors dazzled by false myths of easy gains has regained US$23,000 by aiming to undermine the bear flag by attempting to return to between US$28,000 and US$30,000.

George Michael Belardinelli

A former corporate manager at Carifac Spa and later at Veneto Banca Scpa, blogger and Rhumière, over the years he has become passionate about philosophy and the opportunities that innovation and the media make available to us, in particular the metaverse and augmented reality

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