While cryptocurrencies have been banned in China, people are still looking for ways to keep promoting these topics. There are several localized social media applications where the Chinese government has managed to find evidence of crypto trading advocacy still happening. During the latest cryptocurrency ban, China not only exiled the crypto miners from the region, but the social media influencers and crypto information channels on all local Chinese platforms were revoked or banned without further notice.
It seems that some social media influencers are still trying to solicit crypto trading with video shorts. The Chinese government has taken action against these video creators recently and issued warnings against such activities accordingly.
The Chinese Netcasting Services Association or CNSA has recently announced a renewed ban policy for Bitcoin promotional videos. The national regulator notified creators operating on mediums like WeChat, Douyin, and Kuaishou from running these videos. At the same time, there are no criminal charges involved for the social media influencers. However, the CNSA has taken full authority to delete and ban all the marked videos.
The CNSA notified that the type of short videos which promote crypto trading, holding, exchange, or mining are all prohibited. With the latest move, the government of China has made it clear that it is planning to put any type of cryptocurrency promotion at a halt. Under these circumstances, crypto trading has become widely unavailable for local citizens.
All Major Government Institutions in China have Joined Hands to Eradicate the Crypto Industry from the Region
Despite getting development and growth news from western media, the government of China is not on-board with the idea of cryptocurrency trading. The central bank, securities commission, foreign exchange markets, and all leading state agencies have proceeded to comply with the directive. As a result, China has lost its place at the 50% contributor of the Bitcoin hashtag.
The miners from China have evicted the country and established their operations in countries like Kazakhstan, the USA, Russia, and other places. Saifedean Ammous is the author of The Bitcoin Standard, who wrote in his book that the impact of the Chinese ban is not going to last on Bitcoin for the long term. The total hashrate power lost during the Chinese exodus was recently recovered.