China blocks 12,000 social media accounts for promoting cryptocurrencies

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Cyberspace Administration of China (CAC) announced the blocking of 12,000 accounts on social networks that were promoting cryptocurrencies and attracting investors.

In addition to blocking accounts on local social networksRegulator specialists removed 51,000 articles with relevant information and limited access to 105 websites dedicated to digital assets. According to CAC representatives, the blocking of accounts and sites was carried out in accordance with the decisions of the Chinese authorities, which banned trading in cryptocurrencies.

As noted in the department's statement, a largeSome accounts, articles and websites were blocked after a “tip” from other users. In addition, CAC will continue to cooperate with other Chinese agencies to “suppress illegal financial activities related to cryptocurrencies.”

“We remind Internet users andsocial networks to ensure that they publish correct investment concepts, warn investors about risks and do not engage in speculation in virtual currencies,” the CAC statement said.

In early July, the People's Court of China ruled that paying salaries and other remuneration in stablecoins, including USDT, is illegal.