China’s Top Crypto Outlets Bite the Dust as Government Crackdown Continues


China-based crypto outlets ChainNews and Odely have both gone out of reach over the past few days and neither outlet has given a reason. Instead, both outlets have continued their activity on Twitter and Telegram, which are apps banned in China. The government in China imposed a complete ban on all forms of cryptocurrency trading in September and it is possible that the Chinese government is not giving any pressure on the crackdown as popular cryptocurrency news outlets now begin to suspend operations.

according to a report of coindesk, Chainnews, an outlet in which a Twitter handle with more than 35,000 followers tweeted to its followers earlier this week that its website would be suspended service “Due to ‘upgrade maintenance'” for eight to 10 hours, but the site has since been unreachable both inside and outside China. Meanwhile, the ChainNews Telegram and Twitter handles have remained active during this downtime.

Similarly, Odeley, which is a digital outlet that covers cryptocurrency and non-fungible token (NFT)Space is also in the process of moving to a new URL and has been inactive for a long time. outlet, a. Through Tweet In early October, it invited its users to join its Telegram community.

While not an out-and-out news outlet, Block123 – China’s leading blockchain internet navigation site, has been inaccessible over the past few days.

China’s top economic planning body clarified its tough stance on crypto earlier this week and also noted that its crackdown will continue, especially with regard to mining activities within the country. In an effort to become more energy-efficient and reduce its carbon footprint, China is starting to crack down on cryptocurrency mining activities.

“Chinese officials are cracking down on crypto mining, calling it an ‘extremely harmful’ practice that jeopardizes the country’s efforts to reduce carbon emissions,” CNN said. reports, The Communist Party of China communicated its seriousness to this stance after a high-ranking provincial official was removed from office after an investigation found he had abused his judicial powers in promoting cryptocurrency mining.

This is not the first time that China has openly taken steps to put pressure on itself. cryptocurrency activities. The country is using its regulatory power to try and prevent financial activity that bypasses government control.

That said, the recent action doesn’t necessarily lead to the outright dismissal of China’s cryptocurrencies. The country is already talking about issuing a digital version of its fiat currency – the yuan – in the form of a central bank digital currency (CBDC).

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain of class, Gadgets 360 Podcast. available on orbital Apple Podcasts, google podcasts, Spotify, amazon music And wherever you get your podcasts.
Affiliate links may be generated automatically – see our moral statement For details.