China Limits Content Of Short Videos On Cryptocurrency Mining And Trading To “Improve” Content Quality

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China banning various crypto-related activities has appeared in the news quite often in recent months. As it turns out, China’s inhibiting stance against crypto continues to pop into the news, even as the year is about to end.

While crypto enthusiasts maintain an optimistic narrative, such headwinds directly or indirectly affect the crypto market.

No TikTok, no videos for “false and harmful content”

Chinese authorities have announced a ban on content that induces participation in cryptocurrency mining and trading in short videos. The official blog reads as follows:

“For China to improve the quality of short video content, curb the spread of false and harmful cryptographic content, create a clear cyberspace, these rules are formulated in accordance with relevant national laws and regulations, to the” Program Service Management Regulation audiovisual programs on the Internet ”and the“ General rules for the examination of the content of online audiovisual programs ”.

Wu Blockchain, a crypto-news agency shared the same on Twitter.

Chinese authorities have announced that any content that induces participation in cryptocurrency mining and trading is prohibited in the short videos. The world’s largest unlisted company is Chinese company Bytedance, and tiktok is the world’s largest short video platform. https://t.co/WEHrEfRlsC

– Wu Blockchain (@WuBlockchain) December 16, 2021

The impact

As observed in the tweet above, “The world’s largest unlisted company in China is Bytedance, and TikTok is the world’s largest short video platform.” Needless to say, creators of crypto content on this video platform will struggle to keep functioning.

Here are some statistics that can put this in better context. TikTok was the most downloaded app in the world, with 89 million new users in the United States alone. Here, 60% are between 16 and 24 years old. 26% are between 25 and 44 years old. Next, consider crypto pull as a function of age. Most cryptocurrency users are between 18-25 and 26-40.

.. And it continues

In another recent development, it emerged that the Chaoyang District People’s Court ruled Bitcoin’s “mining contracts” “invalid,” the South China Morning Post reported. In addition, the local government was also asked to close the remaining farms. According to the report, this is just another development that underscores the Chinese government’s intention, rather the lack of it, to “recognize and protect cryptocurrency interests.”

The resemblance is disturbing

The timing of this news is indeed interesting. As crypto took off in India with millions of users signing up for exchanges, many companies naturally felt the need to advertise their services to attract more users. However, this strategy led to backlash from lawmakers.

Indian regulators are still studying the possible implications of not just the ads, but the crypto ecosystem as a whole.

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