The China ”Facebook” is know as Weibo banned user posting article and thought on cryptocurrency and crypto trading. Although they had banned article about crypto user still can talk about blockchain technology. Article about crypto laws are also restricted as stated in Weibo’s rules and regulations.
Recently Binance came up with an idea trading Chinese Yuan to Bitcoin using WechatPay and AliPay in China. This enable users to buy cryptocurrency with Chinese Yuan which was banned by the bank of China. However after several days when the idea was released, AliPay stated that they did’t have an official contract about this yet. Resulting Binance taking down this feature on their website. On Nov.16 Binance official account at Weibo was suspended as Binance’s post break the Bitcoin regulations and rules in weibo’ term and condition.
Impact of China to Bitcoin
Bitcoin price would spike up if Binance continue this feature in China as China have the populations of 1.3 billion. The price of Bitcoin would have gone up to 10000 USD.