China’s CNSA to ban short video platform promoting crypto assets
Chinese authorities announced ban on all short videos platforms, which are promoting crypto directly or indirectly.
Since the middle of this year, the Chinese government has done its best to impose a ban on all crypto-related services, whether it was Crypto mining or trading. From time to time, Chinese authorities conducted a hidden investigation to encounter those people, who are still involved in crypto-related activities.
Now, China Netcasting Services Association (CNSA) released a publication against all the short videos platforms, which are engaged in Bitcoin or crypto-related activities and promotions.
According to the report of Bitcoin.com, all the citizens in China are ordered not to be involved in any kind of apps, which are promoting or linking their services with digital assets whether related to mining, trading, and speculations under the Online Short Video Content Review Standard Rules (2021).
“Other violation of laws, regulations, social public order, and good customs” could ostensibly be construed as effectively untying the hands of Chinese regulators to censor almost any clip published online,” the order reads.
This rule will apply to all short videos platforms including Douyin, Bytedance’s Chinese version of TikTok, Kuaishou, messaging apps, and microblogging platforms like WeChat.
China impact on crypto Mining firms
Because of the china ban on the crypto industry, almost all the crypto shops have been closed in China.
However, the majority of the high-level big crypto services shifted to those countries, which are crypto-friendly. But the situation of China banning Crypto was very measurable for the small crypto businesses.
Most of the small crypto mining firms closed their operations forever and also sold their mining equipment to the second-hand market.
However, the China ban was an opportunity for the many countries like Kazakhstan, Texas, etc. Many countries welcomed new crypto mining firms and also welcomed many Chinese crypto mining companies to set up their business and increase employment opportunities.
Read also: Microstrategy looking to generate yield through its Bitcoin holdings
