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Chinese websites still promote Bitcoin (BTC) and other cryptocurrencies

Sun 07 Nov 2021 ▪ 13h31 ▪ 3 min read — by Katie Donaldson

Chinese websites continue to promote crypto trading platforms despite the nationwide crackdown. According to a recent report from the state-owned news agency Xinhua, these websites still accept payments in Bitcoin and Ethereum (ETH), circulating crypto-related news in return.

Crypto promotion alive and well in China

Chinese authorities have recently intensified the crypto crackdown. On 24th September, the government announced a blanket prohibition on all cryptocurrency transaction and mining. New restrictions mention that anyone responsible for the promotion of cryptocurrencies and cryptocurrency exchanges must be held accountable in accordance with the law.

The websites’ representatives came out with a response, saying that they actually promote blockchain and “metaverse-related” activities. However, online presentations on Bitcoin and other cryptocurrencies, promotional banners or events can be found on said media outlets. 

They also advertise virtual private networks (VPNs) for access to overseas crypto trading platforms so traders can check their activities and projects, since access to them from China is restricted.

Xinhua has also mentioned examples of websites “compiling news from recent crypto projects from around the world, as well as trading tutorials to teach citizens how to speculate on coins using “hands-on” methods.”

Restrictions getting tougher

The report suggests that China’s traders should expect even tougher restrictions in the near future. Supposedly, the crackdown will be extended to social media and chat platforms. 

“Since the intense crackdowns on virtual currency transactions in 2017, China’s domestic cryptocurrency trading and issuance platforms have been banned. But many virtual currency-related websites and [social media groups] are still active,” the report said.

The crackdowns seem to have no influence over Bitcoin. The market was bearish for a little while during the previous one, however, BTC managed to make a quick comeback in terms of price action.

Many Chinese websites still promote Bitcoin, Ethereum and other cryptocurrencies. Their representatives have reported that they are actually “promoting blockchain and metaverse-related activities.” 

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Katie Donaldson avatar
Katie Donaldson

I went full time crypto back in June 2018, and have never looked back. I want to help persuade as many people as possible to come and build the decentralised future! Let’s go!

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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