China prohibits the posting of short films on cryptocurrencies on numerous social media sites
China’s government has stepped up its war on cryptocurrencies, this time targeting short films connected to the subject uploaded online.
China has outlawed the uploading of movies promoting digital assets such as Bitcoin, according to an updated publication by the China Netcasting Services Association (CNSA).
According to Bitcoin.com, the standards for the “Online Short Video Information Review Standard Rules (2021)” indicate that users should refrain from sharing visual content that promotes public engagement in digital currencies, mining, trading, and speculating.
“Other violations of laws, rules, social public order, and good customs” might theoretically be interpreted as essentially freeing Chinese officials to filter almost any footage broadcast online,” the decision states.
The restriction will include platforms such as Douyin, Bytedance’s Chinese TikTok competitor, Kuaishou, messaging applications, and microblogging services like as WeChat.
Notably, the CNSA has prohibited the publication of films relating to cryptocurrencies as part of a list of 100 themes. Among the issues discussed were casting doubt on the country’s official history, impersonating political figures, criticising China’s guiding ideology, and contemplating fascism.
The current control of short films is part of China’s continuous effort to completely abolish cryptocurrency. The government initially prohibited crypto trading and mining, claiming that digital currencies posed a danger to the country’s financial stability.
Leading government authorities, including the central bank, banking, securities, and foreign exchange regulators, said in September that they will coordinate to put a halt to cryptocurrency activity.
The crackdown has resulted in the closure of the majority of operations in the nation, with miners fleeing to more hospitable countries.
As Finbold previously reported, cryptocurrency exchange Huobi Global has announced its withdrawal from the nation due to growing regulatory scrutiny.
As a result, the crackdown has had a negative influence on the crypto market, with assets like as Bitcoin seeing a considerable drop in value. Intriguingly, the crackdown has been progressively insignificant since the market has always rebounded. Saifedean Ammous, the author of ‘The Bitcoin Standard,’ previously stated that China’s intensified crackdown on Bitcoin may have no long-term effect on the asset.