THELOGICALINDIAN - The crypto asset accepted as Tron has had its official Weibo annual banned from the amusing media platform
Could China be starting its crackdown on cryptocurrencies, now that the country is abutting to ablution a cryptocurrency of its own, the DCEP?
Tron and Binance Weibo Accounts Shut Down for Violating Law
According to Chinese crypto influencer, Dovey Wan, the official Tron Weibo account – China’s adaptation of Twitter – has been banned citation “violation of law and regulation.”
Related Reading | Chinese Interest in Bitcoin Remains High Post Crypto Rally According to Data
Shortly afterward the influencer’s cheep about the subject, the official Weibo annual for cryptocurrency barter Binance was additionally banned. As of this writing, however, the Weibo accounts for Binance CEO Changpeng Zhao, Binance CMO Yi He, and Tron architect Justin Sun, accept not been afflicted by the regulation-related banning.
In accession to this @binance Weibo is additionally shut bottomward about the aforementioned time. @cz_binance @heyibinance @justinsuntron claimed Weibo accounts are all good
However, Huobi, Okex, NEO and Ontology’s aggregation Weibo accounts are complete
?? there is a bright bank actuality it seems like https://t.co/PkkfcY61yW
— Dovey 以德服人 Wan ?? (@DoveyWan) November 15, 2019
Wan additionally credibility out that the Weibo accounts of added crypto exchanges, such as Huobi Global and OKEX, forth with Chinese altcoin accounts for NEO and Ontology arise to be “intact.”
Wan claims there is a “clear wall” but as to the acumen abaft that wall, it is anyone’s guess. However, the bank could be due to China ablution a cryptocurrency of its own.
Could China’s DCEP Be Bad News For Crypto in the Region?
At the end of October, Chinese President Xi Jinping batten out in abutment of blockchain technology, advancement the country to ensure it is on the beginning of the developing tech frontier.
The nod of abutment accelerate the cryptocurrency association active on how this was bullish for crypto and Bitcoin, and it caused Bitcoin to surge, ambience its third-largest accretion in a 24-hour aeon in the asset’s adolescent history. Chinese altcoins followed, spiking decidedly afterwards the account broke.
But absoluteness may be ambience it. Bitcoin has now burst to beneath $8,500, and China appears to be starting a crackdown of cryptocurrencies it angle as a blackmail to its own developing technology, a built-in crypto asset the country has dubbed DCEP: Digital Currency Electronic Payment.
Related Reading | Why China’s Interest in Blockchain Will Ultimately Be Bad For Crypto
China already deeply controls its citizen’s admission to the internet, as can be apparent in the archetype with Weibo shutting bottomward accounts due to “violation of law and regulation.” It’s generally referred to as the Great Firewall of China, in advertence to the country’s iconic day-tripper location.
While the community’s antecedent acknowledgment was to acclaim China’s abutment of crypto, in the end, the country’s absorption in blockchain technology could ultimately be bad for the crypto market.
The People’s Bank of China has been developing DCEP for “5-6 years” and expects to cycle out DCEP anon to bartering banks in the arena to activate testing, afore introducing the crypto asset to its citizens at scale.
