China imposed a ban on all cryptocurrency transactions for financial institutions and payment companies. Banks and online services are prohibited from advertising any transactions that relate to them. It is also forbidden to mine cryptocurrency, but with all this, it is allowed to keep virtual money.
Recently, the Chinese Networking Services Association (CANSA) published an updated blacklist of topics that are prohibited from displaying in online short videos hosted on various Internet platforms. The cryptocurrency was banned along with such topics as the use and distribution of drugs, gambling, banditry and criminal activity, violence both physical and psychological, sexual content, topics that contradict the history and ideology of the country. In the list of a hundred tabooed topics, cryptocurrency took 98th place.
The recommendations say that it is forbidden to advertise digital money, in particular bitcoin, as well as to stimulate citizens to mine, trading, and any other actions related to cryptocurrency.
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Now fans of Douyin, the Chinese version of TikTok from Bytedance, Kuaishou, and other platforms are obliged to adhere to the new rules.
The Chinese leadership is confident that cryptocurrency is a clear threat to the country's financial and economic stability and is taking every possible action to eradicate the mining of digital assets.