It is well known that China has ruthlessly destroyed major Bitcoin mining powerhouses and implemented a comprehensive ban on the industry.
China emerged as one of the first nations to embrace the business, although the majority of the world’s population knew very little about the crypto-verse. Now that every country seems to be moving into the sector, China decided to outlaw all things cryptocurrency.
Despite this, a number of Chinese locals persisted in expressing interest in the market. But it was obvious that China wanted to minimize all things crypto-related. As a result, the Cyberspace Administration of China decided the decision to delete nearly 12,000 social media profiles associated with cryptocurrencies.
The Chinese government has made a lot of noise about its position in the sector. The bear market reinforced this idea as Bitcoin fell below the $20K barrier.
But even before the apex of the bear market, China’s National Cyberspace Administration had begun to take safeguards. The regulator then addressed false information that was being spread on social media to promote cryptocurrency.
It was revealed that the same reason led to the closure of over 12,000 Weibo and Baidu accounts. Additionally, more than 51,000 pieces of illicit information were removed. This featured material promoted “Easy money-making with Bitcoin investments.”
Additionally, 105 of the 500 or so websites that were examined were taken down. According to reports, these websites produce courses on cross-border currency speculation, information on crypto mining, and endorsements of cryptocurrencies.
Given China’s opposition to Bitcoin, the most recent report is not shocking. It is likely that the Chinese government will keep its ban on all cryptocurrencies in the area.
Is Chinese Bitcoin activity still going strong?
Several stories of underground mining in the nation have appeared despite the ban. It appears that there is still some BTC-related activity in the area.
According to local reports, due to legislative ambiguity and recurrent zero-Covid lockdowns in China, some Web3 firms with roots within the country are in the process of moving to Singapore.
However, not all Chinese Web3 companies want to leave. Building blockchain infrastructure businesses are probably going to stay, as Beijing has expressed support for such ventures.