The Cyberspace Administration of China is focusing on rectifying the chaos of virtual currency speculation

With the rise of virtual currencies, related speculation, hype, fraud and other activities have intensified. Some netizens have been deceived by false propaganda such as high returns from investing in virtual currencies, and blindly participated in related transactions, causing great losses to their own property. Since the beginning of this year, the Cyberspace Administration of China has implemented the decisions and arrangements of the Party Central Committee, attached great importance to the clues reported by netizens, and taken multiple measures to clean up and deal with a number of illegal and irregular information, accounts and websites that promote and hype virtual currencies.

In accordance with the spirit of the "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation", the Cyberspace Administration of China urged and guided major website platforms to effectively implement their principal responsibilities, continue to maintain a high-pressure crackdown on virtual currency trading speculation, and increase the intensity of self-examination and self-correction of information content and accounts that induce virtual currency investment. Weibo, Baidu and other website platforms closed 12,000 illegal user accounts such as @ICE Blizzard founder and @币圈爆爺 in accordance with the user agreement, and cleaned up more than 51,000 illegal information such as "Invest in Bitcoin to Make Money Easily".

The Cyberspace Administration of China has strengthened supervision and inspection, and has legally closed 989 Weibo, Tieba accounts and WeChat public accounts, including @飞哥故事江湖 and @绝对盘感比特币, which have induced netizens to invest in "virtual currency", "virtual assets" and "digital assets" under the banner of "financial innovation" and "blockchain". In addition, it has guided local cyberspace administration departments to interview more than 500 business entities such as "链节点" and "创业投圈" involved in the promotion and speculation of virtual currency, and required a comprehensive cleanup of information content promoting and speculating on virtual currency transactions. The Cyberspace Administration of China, together with relevant departments, has legally closed 105 website platforms, including "币头条", which are dedicated to the marketing and promotion of virtual currency and publish tutorials explaining cross-border speculation and virtual currency "mining".

Next, the Cyberspace Administration of China will continue to work with relevant departments to strengthen the crackdown on illegal financial activities related to virtual currencies and protect the property safety of the people in accordance with the law. We remind the majority of netizens to establish correct investment concepts, enhance risk prevention awareness, not participate in virtual currency trading speculation activities, and be careful to prevent personal property losses.

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