Chinese Social Network Weibo Suspends Accounts Related to Cryptos

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Weibo, a Chinese microblogging service similar to Twitter, has just suspended several accounts belonging to creators of content related to Bitcoin, a local publication has reported.

According to sources, the Chinese authorities have decided to make the move to prevent the markets to be affected by the statements made by people with great influence, just like what happened with Elon Musk and Bitcoin or Dogecoin.

On Saturday night, a dozen cryptocurrency influencers were unable to access their accounts. When trying to log in, they saw a notice warning them their accounts had been suspended because they violated “relevant laws and regulations.”

Winston Ma, NYU law school adjunct professor and former China Investment Corporation managing director, has said:

“The Chinese government makes it clear that no Chinese version of Elon Musk can exist in the Chinese crypto market.”

We all know that Elon Musk’s statements are having a great impact on the prices of Bitcoin and Dogecoin, so it is not a surprise that China does not want markets to go crazy just because a crypto influencer says “X” or “Y.”