China: When will the anti-bitcoin (BTC) hatred end?

China: When will the anti-bitcoin (BTC) hatred end?

Friday August 12, 2022 ▪ 9:00 am ▪

min read – with

What does the Chinese Communist Party really expect from Web 3.0 without cryptocurrencies? In any case, this is what his past and recent acts of repression against these new assets suggest. This week, it was reported that the local government shut down 13,000 crypto-promoting social media accounts.

China’s crackdown on bitcoin (BTC) continues.

It is clear that China’s ruling party will not change its position anytime soon. Because of the latest news, he ordered the Cyberspace Administration of China (CAC) to clean up social networks. By “sanitization”, we are talking about eradicating everything related to the promotion of bitcoin and other cryptocurrencies.

It is to satisfy the rulers that the CAC has closed accounts on the social networks Weibo and Baidu. Fishing looks good, considering the statistics published by on this topic:

  • 12,000 illegal user accounts;
  • 989 public accounts;
  • 51,000 messages encouraging investments in cryptocurrencies;
  • 105 website platforms related to marketing similar assets.

And to combat it, the Chinese regulator has announced that “ shut down 105 website platforms such as ‘Bi Toutiao’, which specifically advocate virtual currency trading and publish tutorials explaining cross-border currency speculation and virtual currency mining. »

Something that Xi Jingping and his entire anti-bitcoin clique like.

CCP and visceral hatred of bitcoin (BTC)

You know that China is not the first hit in its anti-encryption policy. As a reminder, the government has cracked down heavily on trade and mining of bitcoin in September 2021. However, the misfortune of some always made the happiness of others. The Chinese iron fist therefore benefits new Eldorados of the mining like Texas.

Against the expectations of China’s ruling party, the local bitcoin mining machine appears to be still running. Last June, Bitrwar reported that 94 nodes were still active in the Middle Kingdom.

Card Bitwrar

If you understood CCP psychology correctly, the CAC would be hunting these miners day and night. We were not informed that an illegal farm had been dismantled mining Last March? A batch of equipment worth 5 million yuan was seized on the occasion.

Only the NFTs, the metaverse and the CBDC (converted to e-CNY) are of interest to China. If local authorities are not finding a way out to regulate virtual realities, it is unfortunate that public interest in NFTs has increased.

Another blow for local enthusiasts to swallow is the recent censorship of WeChat accounts that have any connection to NFTs and crypto assets.

But, by the same token, no Chinese worth their salt would like the brutal way the government was using against the people angry at the lack of access to their bank accounts. Tanks to silence peaceful demonstrators, isn’t that an exaggerated approach?

Towards a “bis” bipolarity of the world?

To say that Pelosi’s descent in the nearby island (Taiwan) did not help matters for bitcoiners. This motivation seems to have only fueled the CCP’s anger against anything that undermines its authority. But by continuing on this path, will China be able to achieve its objectives of dismantling the dollar? Or is he still not attracted by a multipolar world? Much has been said about the BRICS side in the context of the Russian-Ukrainian war. And bitcoin contributes to the establishment of this new paradigm.

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