China’s microblogging platform Weibo, popularly known as “The Twitter of China” has blocked the accounts of both Binance and Tron in what is believed to be a renewed attack on crypto-related businesses.
Renewed Onslaught
According to reports on the crackdown, the administration in China under the leadership of President Xi Jinping appears to have a very complex relationship with blockchain and Bitcoin. Blockchain technology currently helps to shore up the leading crypto in the globe. This has been clearly demonstrated by the latest series of crackdowns taking place in the communist country.
Tron, a blockchain platform, and Binance, a leading crypto exchange platform, were both blocked by Weibo.
A few days ago, the administration had appeared as if it was softening its hardline stance on mining cryptocurrencies by having it removed from the list of banned/illegal activities. This is according to a tweet sent out by cnLedger, which stated:
1/ BREAKING Crypto mining is no longer “to be eliminated” in China. Today, the gov’t released “Industrial Structure Adjustment Guidance Catalogue”. Crypto mining, which was listed in the draft in April as an industry to be eliminated, is no longer in the list pending elimination.
— cnLedger (@cnLedger) November 6, 2019
President Xi Jinping and Global Blockchain Dominance
While this is happening, the president has been busy pushing for the global dominance of blockchain. This is evidenced by the recent statements that he made pushing for additional support for this evolutional technology, as well as for the release of a mobile application that is designed to assist in educating people on cryptocurrencies and blockchain.
Additionally, Xinhuanet, the state-owned media outlet, had a few days ago termed BTC as the first-ever successful use case scenario recorded of blockchain technology.
Caixin Report
However, Caixin released a new report that is dubbed as “Developing the Renovation of Virtual Currency Trading Places.” In the report, Caixin notes that Shanghai financial regulators operating on its districts will expel any company seen to assist in the issuance of tokens in the country. It will also root out companies that are helping facilitate trading using digital assets.
This new directive noted in this report has been designed to squash speculation that may stem from initial coin offerings and crypto trading. It seems that the activity, which had slowed down in the past year, has slowly started to resurface following the remarks made by President Xi pertaining to the importance of blockchain technology.
Tron and Binance accounts blocked by Weibo are now regarded as having been operating against locals, as well as the Weibo Community Convention provisions.
Featured image: investorintel.com