A Bitcoin mining site in Sichuan. Photo: EPA. On the same day, the branch of the National Development and Reform Commission in Changji, an area in the far west of Xinjiang, ordered the closure of cryptocurrency mining workshops. Currently, Xinjiang is the world’s largest Bitcoin mining region based on hashrate – a measure of the total computing power of the blockchain. On the Internet, information related to cryptocurrencies has also been thoroughly removed by China. From June 10, search results related to Huobi, Binance and OKEx – the top three cryptocurrency exchanges – were blocked on Baidu and Weibo. However, keywords like “Huobi official website”, “download Huobi” or “Is Huobi legal” still appear. This is the second time in a year that Weibo has removed keywords and content related to cryptocurrency exchanges. In March, this social network suspended the accounts of all three exchanges mentioned above. In 2019, the account of Binance co-founder He Yi, along with crypto entrepreneur Justin Sun, was also locked. Last week, Weibo banned a series of crypto KOLs on its platform citing “violation of principles” and “relevant laws and regulations”. China’s recent “suppression” of crypto activities is cited as financial risk. However, the country is also concerned that mining problems will compromise its environmental goals. China has a goal of becoming a carbon neutral country by 2060. Bitcoin mining nowadays consumes a lot of energy. According to the latest estimates from the Cambridge University Bitcoin Electricity Consumption Index (CBECI), the amount of electricity used to “mine” Bitcoin amounts to 111.5 TWh per year, more than the total energy used by the Netherlands. The prevention of cryptocurrency mining will continue to be maintained by China in the future. On June 7, the Cyberspace Administration of China (CAC) held a meeting with the main content of strengthening supervision of blockchain-related service platforms, virtual private network (VPN) services. and cross-border Internet technologies. Earlier, the National Internet Finance Association, the Bankers Association, and the Payments Association jointly issued a statement on the ban on electronic money services, and the Inner Mongolia Development and Reform Commission also issued a regulation, banning electronic money services. Bitcoin mining operations. “It is possible that China will issue a permanent ban on Bitcoin and cryptocurrencies in general,” said Chen Weigang, general manager of the Financial Institutions Supervision Department of the China Banking and Insurance Regulatory Commission. talk to China News Weekly .

The announcement was made after the fan dumped 270,000 bottles of milk to scan the QR code, voted for trainees in the program Thanh Xuan Co You 3, causing public outrage. Specifically, CAC said it will conduct a campaign “Transparency and Positive” with the aim of handling illegal and illegal acts on social networks related to the entertainment field. The agency confirmed that it would issue a regulation on the interaction between the management company, artists and fans on social networks, and rectify the speculation and profit from the form of voting and bullying. online. Before that, in early May, the idol selection program Youth have friends 3 was forced to pause recording because of a scandal during the contestant election process. A clip circulated on the Internet showed that fans hired workers dumped a series of milk cartons down the drain after buying milk, taking QR codes to vote for the artist. According to the CCTV , up to 270,000 milk cans were dumped to get the voting code. On May 6, the program producer iQiYi and sponsor Zheng Guo Ji apologized for the wasteful voting method that negatively affected public opinion. Zhang Yongjun, an official at the Cyber ​​Management Bureau, told a press conference on May 8 that this kind of unreasonable, wasteful voting is just one of a series of prominent issues on social media platforms. “We will take comprehensive measures to address this situation. In addition to directing young people to actively support their idols, the agency and sponsoring businesses also need to revamp their operations,” he said. Zhang said. He added: “Fans bought such a large amount of milk just to get the voting code printed under the bottle cap. Who can drink it all?”. In addition, the CAC also takes measures to remove negative information online, tighten regulations operating on platforms such as online violence, malicious marketing …

According to the rules posted on the website of the China Cyberspace Administration (CAC), live streamers will have to provide their real names as well as a social credit number to the livestream platforms. These identifiable information should then be forwarded to the local tax authorities. Live streamers need to be over 16 years old unless supervised by an adult. In addition, livestream platforms are required to promote monitoring of live content and to immediately handle illegal and misleading information. Ly Giai Ky is known as “the prince of lipstick” in China. Photo: Baike. Acts like promoting gambling or spoofing views are prohibited. The CAC will also establish a blacklist of frequently violated live streamers. New regulations, which started to take effect on May 25, are expected to limit the misbehavior of livestreamers, false advertising, and counterfeit goods that are rampant in the streaming industry in the country. people. Since the outbreak of the Covid-19 epidemic, online sales have grown rapidly in China. According to analytical background chyxx.com The live-stream e-commerce industry is estimated to be worth nearly 971 billion yuan ($ 149 billion) in 2020, more than double the scale of 443.8 billion yuan in 2019. In China, Alibaba’s Taobao, ByteDance’s Douyin, and Tencent-backed Kuaishou are leading live-streaming e-commerce platforms. Hundreds of thousands of people across the country are selling all kinds of goods through livestream. Famous live streamers such as “lipstick king” Ly Giai Ky and “livestream queen” Viya are capable of reaching millions of yuan in sales in just one livestream. As China’s economy has been ravaged by the pandemic, the live-streaming industry has played an active role in preventing unemployment, boosting domestic demand, and alleviating poverty. However, the industry is also showing a dark side as many consumers accuse some of the streamers of misleading products or even selling fake products. By intensifying monitoring of every aspect of livestreaming, the new regulations are crucial for regulating the Internet market and maintaining the legitimate rights and interests of consumers, CAC said.