China Intensifies Crackdown On Cryptocurrency Hype, Speculation

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China’s internet watchdog on Tuesday said it had intensified a crackdown on illegal online information that may lead to speculation and fraud involving cryptocurrency.

According to the Cyberspace Administration of China, the move since early this year was aimed at protecting people’s property.

While urging leading online platforms to fulfill their responsibilities in presenting content, the administration shut down 989 accounts on Weibo, WeChat and Baidu’s online community service, which misled internet users to invest in cryptocurrency, as well as virtual or digital assets.

The administration, in joint efforts with other competent authorities, also closed 105 websites hyping cryptocurrency or releasing information concerning cross-border speculation on and mining of cryptocurrency.

While pledging continuous efforts to curb illegal activities involving digital currency, the administration also cautioned internet users against cryptocurrency speculation.