Chinese crypto ban poses no threat to local industry media, sources say


While some major Chinese cryptocurrency-related publications appear to be shutting down, a number continue to be led by local news agencies who have taken to social media like Twitter.

China’s most recent crypto ban would not significantly affect local crypto media sources, as there are a number of ways to disseminate industry information, according to an executive at one of the. largest crypto publications in China.

The executive, who asked to remain anonymous, told Cointelegraph on Wednesday that several local crypto sites had moved their community to other media channels like Twitter and Telegram after the government imposed a new crypto ban in September.

“They’re trying to share more information out there and keep it low profile on their websites,” the person said, adding, “We can get any information we want from Twitter.”

“More Chinese have come to Twitter and Telegram, some of them are of high quality as well,” another crypto media insider, who also wished to remain anonymous, told Cointelegraph.

They noted that the People’s Bank of China declared all “virtual currency business activities” are illegal, which has led some cloud service providers to cut the services of websites like BlockBeats and Odaily. But that didn’t stop them from posting industry news as they continued to operate across new areas and focused on posting to Twitter and Telegram.

According to the media insider, these websites have been blocked because they are based in Beijing. “The media outside of Beijing are not blocked,” the person said. Some crypto publications like Jinse, Panews, and 8btc have apparently not been affected by the latest crypto ban.

The Chinese Crypto Media Executive stressed that the crypto world is doomed to be decentralized, stating:

“There is still hope for the Chinese crypto industry. We always have sources of information and we continue to receive more and more users, evangelists, developers and others. No reason to worry. Everything is going for the best.

Related: Chinese central bank offers to monitor metaverse and NFTs

A Chinese crypto site, the main source for the ChainNews industry, was taken offline in November.

According to Cointelegraph sources, ChainNews decided to shut down services at the end of the month. The last post in the post on his Telegram channel is dated November 25. The website had over 1.5 million visits last month, according to to SimilarWeb data.


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