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Home Cryptocurrency news

Tron Weibo Account Gets Banned, Is China Cracking Down on Crypto?

Tony Spilotro by Tony Spilotro
1 year ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
crypto china bitcoin tron
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The crypto asset known as Tron, has had its official Weibo account banned from the social media platform.

Could China be starting its crackdown on cryptocurrencies, now that the country is close to launching 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 version of Twitter – has been banned citing “violation of law and regulation.”

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Related Reading | Chinese Interest in Bitcoin Remains High Post Crypto Rally According to Data

Shortly following the influencer’s tweet about the subject, the official Weibo account for cryptocurrency exchange Binance was also banned. As of this writing, however, the Weibo accounts for Binance CEO Changpeng Zhao, Binance CMO Yi He, and Tron founder Justin Sun, have not been affected by the regulation-related banning.

In addition to this @binance Weibo is also shut down around the same time. @cz_binance @heyibinance @justinsuntron personal Weibo accounts are all good

However, Huobi, Okex, NEO and Ontology’s company Weibo accounts are intact

?? there is a clear wall here it seems like https://t.co/PkkfcY61yW

— Dovey 以德服人 Wan ?? (@DoveyWan) November 15, 2019

Wan also points out that the Weibo accounts of other crypto exchanges, such as Huobi Global and OKEX, along with Chinese altcoin accounts for NEO and Ontology appear to be “intact.”

Wan claims there is a “clear wall” but as to the reason behind that wall, it is anyone’s guess. However, the wall could be due to China launching 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 spoke out in support of blockchain technology, urging the country to ensure it is on the forefront of the developing tech frontier.

The nod of support send the cryptocurrency community buzzing on how this was bullish for crypto and Bitcoin, and it caused Bitcoin to surge, setting its third-largest gain in a 24-hour period in the asset’s young history. Chinese altcoins followed, spiking significantly after the news broke.

But reality may be setting it. Bitcoin has now collapsed to below $8,500, and China appears to be starting a crackdown of cryptocurrencies it views as a threat to its own developing technology, a native 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 tightly controls its citizen’s access to the internet, as can be seen in the example with Weibo shutting down accounts due to “violation of law and regulation.” It’s often referred to as the Great Firewall of China, in reference to the country’s iconic tourist location.

While the community’s initial reaction was to applaud China’s support of crypto, in the end, the country’s interest 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 roll out DCEP soon to commercial banks in the region to begin testing, before introducing the crypto asset to its citizens at scale.

Tags: bitcoinchinacryptoregulationTRON
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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