TL;DR Breakdown
- China had recently banned the usage of Bitcoin which led to Bitcoin crash.
- Now, it has blocked the occurrence of crypto exchanges on search engines.
- China makes its presence completely against crypto via censorship.
Bitcoin has been tumbling down and China has played its role in this phenomenon. There are many investors who have lost their money after the sharp decline in the price of Bitcoin. After the news of China’s ban on Bitcoin broke out, the price of Bitcoin suffered a harsh blow, dropping it by around $20,000. China increased its harsh behavior towards the growth of crypto after censoring the search results from various search engines in China.
It has been claimed by Colin Wu, a Chinese journalist that when popular crypto exchanges are being searched on engines, zero results have popped up. This leads to a direct conclusion that China has subdued and censored the growth of DeFi and cryptocurrencies in its nation. This also leads to the fact that China might completely shut out cryptocurrencies.
Is China looking to completely ban crypto exchanges and currencies?
This is not the only step taken by China that is a memento of its strict stance towards crypto. First, China banned the usage of Bitcoin which led to a huge crash, and thereafter, recently, Weibo, China’s Twitter-like platform also did a similar thing. It has over 530 million active users which is a relatively high number for a country. Therefore, Weibo banned the accounts of all those users that were creating content based on cryptocurrency or related to crypto exchanges.
Two of the most popular Chinese search engines are Sogou and Baidu. These Chinese search engines have blocked any and all searched results that were related to Binance, OKEx, or any other crypto exchange. This can only mean that China is looking to oppose the growth of cryptocurrencies and to achieve this goal, it has implemented strict censorship.
Also, the officers from any of these exchanges have not made any public appearance on the current situation between China and crypto exchanges. This is the reason why anything cannot be said with surety but from the looks of it, it seems clear that China won’t be looking to declare crypto an asset class or give it official recognition.
