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<ul><li>Wiebo’s crackdown comes less than a month after the People’s Bank of China announced a crackdown on <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword>.</li><li>Weibo had also shut down crypto-related accounts back in 2019.</li><li>Yesterday’s bans included dozens of popular crypto-related accounts. </li></ul>After China’s central bank’s moves against crypto companies, the country’s largest social media platform Weibo is <a href="https://www.scmp.com/tech/tech-trends/article/3136242/weibo-purges-cryptocurrency-accounts-amid-bitcoin-volatility">now cracking down</a> on <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrency</a> accounts. The company banned over a dozen popular crypto-related accounts on June 6, marking an escalation in the country’s recent war against the <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> industry. This is the second time Weibo has cracked down on crypto-related accounts. The company had banned the accounts of crypto exchanges Binance, Huobi and OKEx in March. It had also banned Binance co-founder Yi He’s account back in 2019, along with other popular accounts that posted about the <keyword id="6380572" type="UNKNOWN" weightage="20" keywordseo="Crypto-industry">crypto industry</keyword> or community. But yesterday’s ban is more consequential in a way… China is amongst the more consequential cryptocurrency markets in the world, not only because it spends money on trading, but because it actually acts as a backbone for the industry. Estimates say that the country accounts for <a href="https://www.reuters.com/world/china/crypto-miners-halt-china-business-after-beijings-crackdown-bitcoin-dives-2021-05-24/">over 70% of all Bitcoin mining</a> in the world. Mining, which happens through large <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto mining</a> farms in China, are responsible for maintaining the blockchain ledgers and authenticating crypto transactions. This means they’re essentially the Visa and Mastercard of this world, and are the middle-men, essential to facilitating a large part of the world’s crypto transactions. Mining farms generate their revenues through new currencies that are generated when a transaction is authenticated. So, crackdowns in China can potentially affect the sentiments of crypto traders, companies and regulators all over the world. The crypto market lost as much as <a href="https://www.businessinsider.in/cryptocurrency/news/the-cryptocurrency-market-lost-460-billion-in-a-single-day/articleshow/82801107.cms">$460 billion in 24 hours</a>, after the People’s Bank of China announced plans to crack down on crypto on May 19. The good news though is that Weibo’s crackdown doesn’t seem to have affected the market in terms of prices. The top two cryptocurrencies in the world — <keyword id="6354947" type="LOCATION" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> and Ethereum — had stabilized over the past two weeks, and the same seems to have continued. According to Coinmarketcap, Bitcoin closed at $35,862.38 on June 6, while Ethereum closed at $2,616. The two tokens had closed $35,551.96 and $2,558.23, respectively, on the day before. They were trading at $36,637.29 and $2,827.80, respectively, at 6.30pm on June 7. Having said that, there has been a big slump in the price of crypto over the past month or so. Bitcoin and Ethereum hit all time highs during the first quarter of the year, with the former dropping by almost 50% over the past month. While some say this is a market correction, and the beginning of a bear market for crypto, others say it could spell trouble for the future of the industry. SEE ALSO: <a href="https://www.businessinsider.in/india/news/heres-why-fuel-prices-in-india-may-not-come-down-in-a-big-way/slidelist/83299743.cms">Here’s why fuel prices in India may not come down in a big way ⁠— at least not this year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/highlights-of-prime-minister-narendra-modis-address-on-june-7/articleshow/83307566.cms">Highlights of Prime Minister Narendra Modi’s address on June 7</a>

China’s war against crypto continues as Weibo bans at least a dozen popular cryptocurrency accounts

<ul class="summary-list"><li>Official Chinese government accounts have deleted posts that seemed to mock <keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword>'s <keyword id="8763838" type="UNKNOWN" weightage="60" keywordseo="covid-19">COVID-19</keyword> crisis.</li><li>One was seen comparing <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>'s module launch of its first space station with mass cremations in India.</li><li>"China lighting a fire versus India lighting a fire," a post was captioned.</li></ul>Images on <keyword id="6354632" type="UNKNOWN" weightage="60" keywordseo="social-media">social media</keyword> posted by two official Chinese government accounts have drawn rebuke for appearing to mock <a href="https://www.insider.com/photos-reveal-india-crisis-surge-covid-19-infections-2021-4">India's catastrophic battle with COVID-19</a>, according to multiple online reports.An account linked to the ruling Communist Party posted an image on Saturday comparing the country's successful <a href="https://www.businessinsider.com/china-to-launch-first-space-station-module-tianhe-2021-4">launch of its Tianhe module</a> into space with lines of burning cremation pyres in India.The image, posted by the government's Central Political and Legal Affairs Commission on its <keyword id="670351" type="COMPANY" weightage="60" keywordseo="Weibo">Weibo</keyword> account, was captioned "China lighting a fire versus India lighting a fire."It carried a hashtag noting <a href="https://www.businessinsider.com/india-first-country-to-record-400000-single-day-coronavirus-cases-2021-5">India's coronavirus cases had topped 400,000</a> a day. Multiple other government accounts run by the police and law enforcement agencies shared the image too, <a href="https://edition.cnn.com/2021/05/03/china/china-india-weibo-social-media-mic-intl-hnk/index.html">CNN</a> reported.<div type="image" title="chinese govt weibo" height="438" width="780" msid="82371021" hostid="261"></div>The official account of China's Ministry of Public Security posted a separate image on Friday that compared the country's "fire god mountain" - the name of its <a href="http://www.xinhuanet.com/english/2020-02/02/c_138750288.htm">makeshift hospital</a> built to combat COVID-19 in Wuhan - with another mass cremation in India, according to <a href="https://www.bloomberg.com/news/articles/2021-05-02/china-deletes-social-media-posts-mocking-india-after-backlash">Bloomberg</a>. Some social media users reportedly commented saying the posts were "morally problematic."Both posts were deleted after many Chinese Weibo users expressed anger at the insensitivity expressed.Hu Xijin, the editor-in-chief of the Communist Party-backed Global Times also blasted the move, saying: "I don't think it's proper for social media accounts of certain Chinese official institutions or other influential forces to mock India at present."They should instead "hold high the banner of humanitarianism at this time, show sympathy for India, and firmly place Chinese society on a moral high ground," he said.Nationalist sentiment has been running high in both countries as the two world powers spar over a <a href="https://www.bbc.co.uk/news/world-asia-53062484#:~:text=The%20two%20nations%20are%20also,least%2020%20Indian%20soldiers%20dead.">2,100 mile-long disputed border</a> in the Himalayan region. Some see India's intense <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> battle as an opportunity for China to ease tensions with its neighbor. "We hope everyone gives attention to the Chinese government and mainstream public opinion supporting India's fight against the epidemic," a Chinese foreign ministry spokesperson told Bloomberg in response to the deletion of the posts.President Xi Jinping only recently <a href="https://www.scmp.com/news/china/diplomacy/article/3131817/xi-jinping-offers-chinas-help-address-indian-covid-19-crisis">sent a condolence message</a> to Prime Minister Narendra Modi, offering assistance to help the nation deal with its shortage of oxygen and other important supplies. A foreign ministry spokesman, Wang Wenbin, told Bloomberg on Friday that the Red Cross Society of China, local governments, NGOs, and Chinese enterprises are attempting to collect pandemic-related supplies and deliver them to India "as soon as possible."India reported more than 300,000 new <keyword id="8785701" type="UNKNOWN" weightage="60" keywordseo="COVID-19-cases">COVID-19 cases</keyword> for a twelfth straight day on Monday, taking its <a href="https://www.reuters.com/world/asia-pacific/indias-covid-19-cases-near-20-million-peak-seen-nearing-2021-05-03/">total caseload to near 20 million</a>. Fatalities rose by 3,417 to more than 215,000, but medical experts believe the number could be five to 10 times higher than the official tally.

Chinese government authorities deleted posts mocking India's COVID-19 tragedy after receiving backlash

Prime Minister <keyword id="6354477" type="PERSON" weightage="80" keywordseo="Narendra-Modi">Narendra Modi</keyword>, who would be visiting India’s northern neighbour this week, made an entry into China’s version of Twitter, <keyword id="670351" type="UNKNOWN" weightage="80" keywordseo="Weibo">Weibo</keyword>, after weeks of careful preparation. 
 
As per officials close to this matter, Modi, who will be in China from April 14-16, embraced the social media platform after spending much time on it to get familiar with it. 
 
Modi, who has the third largest following on Twitter after US President Barack Obama and Pope Francis, had decided to get onto to Weibo two months ago, an official told Economic Times. 
 
The Prime Minster himself gave the idea of connecting with people through social media before he was leaving for his three-nation tour to Seychelles, Mauritius and Sri Lanka, said the official. 
 
“When the numbers were provided to him, he said he wanted to join a Chinese social media platform to reach out to people there," the official told the financial daily. 
 
Bharatiya Janata Party (BJP) volunteers in Beijing, Shanghai and Hong Kong were asked to give their inputs on the good platform to join. Platforms like QZone, Renren, Sina Weibo, Tencent Weibo and Tudou were on his list and finally , it was decided that Modi would join Sina Weibo. 
 
As of Sunday, Modi had 44,900 followers on Weibo. His first post, saying hello to people of China, has over 11 million reads; 8,733 forwards; 12,316 comments and 18,594 likes. 
 
(Image: Reuters)

It took months of planning before Modi said ‘hello’ to China

<keyword id="71" type="POSITION" weightage="80" keywordseo="Prime-Minister">Prime Minister</keyword> <keyword id="6354477" type="PERSON" weightage="80" keywordseo="Narendra-Modi">Narendra Modi</keyword> on Monday scaled the Great Firewall of <keyword id="1334" type="COUNTRY" weightage="80" keywordseo="China">China</keyword>, at least on social media. A week before his big trip to <keyword id="1333" type="COMPANY" weightage="80" keywordseo="Beijing">Beijing</keyword>, the PM logged in to <keyword id="200025" type="COMPANY" weightage="80" keywordseo="Sina">Sina</keyword> <keyword id="670351" type="UNKNOWN" weightage="80" keywordseo="Weibo">Weibo</keyword>, the largest Chinese micro-blogging site with over 140 million monthly active users. 
 And the world leader with third-largest following on <keyword id="6354616" type="CITY" weightage="80" keywordseo="Twitter">Twitter</keyword> had already some 5,000 followers on his new Chinese account. PM Modi has 12 million and 28 million followers on his Twitter and <keyword id="6354576" type="CITY" weightage="80" keywordseo="Facebook">Facebook</keyword> handles. The PM also tweeted about his Chinese social media debut. 
 
Launched in 2009, Weibo means "microblog" in Chinese. Like Twitter, Weibo lets users to post comments, updates, pictures and videos. Western analysts have good words for the microblog, which they feel has given Chinese citizens a platform to engage and interact with other users, often discussing issues and topics outlawed by Beijing's infamous strict censorship. 
 
<blockquote class="twitter-tweet" lang="en">
	
		????!??????????????. Hello China! Looking forward to interacting with Chinese friends through Weibo. <a href="http://t.co/yQcKn9bqTE">pic.twitter.com/yQcKn9bqTE</a>
	" Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/595097969965170688">May 4, </a></blockquote>
<blockquote class="twitter-tweet" lang="en">
	 </blockquote>
<blockquote class="twitter-tweet" lang="en">
	<a href="https://twitter.com/narendramodi/status/595097969965170688">2015</a></blockquote>
Huang Xilian, deputy director general of Asian affairs, said Beijing wants India and China to act as a "bridge" for the development of Nepal and Sri Lanka so as to reduce strategic rivalry between the two Asian giants and firm up their strategic influence in the region. 
 
"There are lot of perceptions about border issue. So long as the two leaderships have strong political will we have good prospects for the resolution of the border issue," Huang said at a briefing to Indian media about Modi's visit which is expected to take place in the third week of next month. 
 
Shanghai is the next stop for the PM. BJP is coordinating with the Indian community in China to organise a "grand reception" for Modi in Shanghai on May 16. They expect a gathering of 10,000 people or more. 
 
The event will be the grand finale for Modi's China visit from May 14 to 16. He will head for South Korea from there. He will head for South Korea from there. The Prime Minister will start his three-nation tour with Mongolia on May 12. BJP leader Ram Madhav was in China earlier this week and is believed to have finalised details of the event, which is going to be like "nothing seen in China" before. The party is in the process of ensuring a huge turnout at the event. 
 
 "We are reaching out to the burgeoning Indian community in China and the huge NRI population in Hong Kong comprising Gujaratis, Sindhis and Marwaris. They are all extremely enthusiastic about the event," a senior BJP leader told ET. Estimates put the number of Indians in China at 45,000, including13,000 students. The rest are businessmen and professionals working in various multi-national companies in cities like Beijing, Shanghai, <keyword id="95282" type="COMPANY" weightage="80" keywordseo="Shenzhen">Shenzhen</keyword> and Guangdong.

Ni Hao China! PM debuts on Chinese Twitter, Weibo

New Delhi, June 20 (IANS) Known for government control and censorship, Chinese social media has now removed Prime Minister Narendra Modi's speech and India's official statements on the border row. Modi's June 18 remarks about the country's border situation became inaccessible to users on WeChat. The Prime Minister's remarks came in the aftermath of the bloody faceoff in Galwan Valley in eastern Ladakh in which 20 Indian soldiers lost their lives on Monday night. The Chinese side has not yet revealed the number of casualties on its side. Modi emphasised that while India desires peace, the country is capable of giving a befitting reply when instigated. MEA spokesman Anurag Srivastava's statement on the border row was also removed from the official WeChat account. A message on WeChat said, "Unable to view this content because it violates regulations." Ahead of his visit to China in 2015, Modi also opened an account on Sina Weibo, which is considered the Chinese equivalent of microblogging platform Twitter. However, the account has not posted any content related to the border tensions with China. --IANS gb/arm

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China’s war against crypto continues as Weibo bans at least a dozen popular cryptocurrency accounts

BI India Bureau

Chinese government authorities deleted posts mocking India's COVID-19 tragedy after receiving backlash

Shalini Nagarajan

It took months of planning before Modi said ‘hello’ to China

BI India Bureau

Ni Hao China! PM debuts on Chinese Twitter, Weibo

BI India Bureau

Chinese social media deletes Modi's remarks on border row

IANS

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