Chinese authorities have announced a ban on all short video platforms that promote crypto directly or indirectly.
The Chinese government has made every effort to ban all services related to crypto mining or trading, since the middle of this year. Chinese authorities have conducted a covert investigation to find people involved in crypto-related activities from time to time.
Currently, the China Netcasting Services Association (CNSA) has released a publication against all small video platforms engaged in activities and promotions related to Bitcoin or crypto.
According to a Bitcoin.com report, all Chinese citizens are advised not to participate in any app that promotes or links their services with any crypto-assets according to Content Review Standard Rules (2021).
“Regulatory violations of laws, regulations, social norms, and good manners are considered to be effectively freeing the hands of Chinese regulators to censor any clip published online,” the order said.
Although this rule applies to all small video platforms, including the Chinese version of TikTok’s Bytedance, Douyin, Kuaishou, messaging apps, and microblogging platforms such as WeChat.
Due to China’s ban on the crypto industry, almost all crypto stores in China have been closed.
However, many large crypto services at the top level have been transformed into crypto-friendly countries. But the situation where China bans crypto is more for small crypto businesses.
Many small crypto mining companies have closed their operations permanently and sold their mining equipment to the second-hand market.
However, for many countries, such as Kazakhstan and Texas, the China ban is an opportunity for them. Many countries have welcomed new crypto mining companies and many Chinese crypto mining companies to establish their businesses and increase employment in their operational region.
Read Also: RBI In Favour of Complete Ban On Crypto, Says Governor To Central Board
