Chinese authorities close social media accounts suspected of violating laws

The Chinese regulators closed  several blockchain social media accounts on Wednesday as part of efforts to enforce regulations on the emerging sector in which China has gained an edge.

A few  WeChat accounts were closed as, “they are suspected of violating relevant laws, regulations and policies under users complaints and platform reviews,” according to a report by  BlockBeats.

The regulators  said  abuse of blockchain technology could pose dangers for China and Chinese people and  it is still quite challenging for authorities to regulate and oversee the new technology.

Earlier in the week, Xinhua News Agency stated that several listed companies are suspected of speculating on blockchain technology and over 500 of China’s 3,000 listed firms say they are legitimately connected to blockchain technology. Having said that,  only 40 companies can substantiate their claims with full disclosure and concrete business practices.

As we reported, China are really stepping up the use of blockchain technology and plan to be the world leaders. They are also set to release their state owned digital coin but no official date has been given for the launch.