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    TSLA   US88160R1014

TESLA, INC.

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Tesla : China blocks several cryptocurrency-related social media accounts amid crackdown

06/07/2021 | 12:23am EDT
FILE PHOTO: Illustration picture of China flags and Bitcoin cryptocurrency

SHANGHAI (Reuters) - A slew of crypto-related accounts in China's Twitter-like Weibo platform were blocked over the weekend, as Beijing stepped up a crackdown on bitcoin trading and mining.

More actions are expected, including linking illegal crypto activities in China more directly with the country's criminal law, according to analysts and a financial regulator.

Last month, China's State Council, or cabinet, vowed to crack down on bitcoin mining and trading, escalating a campaign against cryptocurrencies days after three industry bodies banned crypto-related financial and payment services.

Over the weekend, access to several of widely followed crypto-related Weibo accounts was denied, with a message saying each account "violates laws and rules."

"It's a Judgment Day for crypto KOL", wrote a Weibo bitcoin commentator, or key opinion leader (KOL), who calls herself "Woman Dr. bitcoin mini." Her main account was also blocked on Saturday.

"The government makes it clear that no Chinese version of Elon Musk can exist in the Chinese crypto market," said NYU Law School adjunct professor Winston Ma, referring to the Tesla founder and cryptocurrency enthusiast.

Ma, author of the book "The Digital War", also expects China's supreme court to publish a judicial interpretation soon that may link crypto mining and trading businesses with China's body of criminal law.

The view was echoed by a financial regulator, who said that such an interpretation would address the legal ambiguity that has failed to clearly identify bitcoin trading businesses as "illegal operations". All the rules against cryptocurrencies so far in China have been published by administrative bodies.

The Weibo freeze comes as Chinese media have stepped up reporting against crypto trading.

The official Xinhua News Agency has published articles that exposed a series of crypto-related scams. State broadcaster CCTV has said cryptocurrency is a lightly regulated asset often used in black market trade, money laundering, arms smuggling, gambling and drug dealings.

The stepped-up crackdown also comes as China's central bank is accelerating testing of its own digital currency.

(Reporting by Samuel Shen and Andrew Galbraith. Editing by Gerry Doyle)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
TESLA, INC. 2.75% 774.39 Delayed Quote.9.74%
WEIBO CORPORATION -3.75% 46.91 Delayed Quote.14.44%
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Financials (USD)
Sales 2021 50 341 M - -
Net income 2021 3 996 M - -
Net cash 2021 8 422 M - -
P/E ratio 2021 212x
Yield 2021 -
Capitalization 767 B 767 B -
EV / Sales 2021 15,1x
EV / Sales 2022 11,1x
Nbr of Employees 70 757
Free-Float 81,0%
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Number of Analysts 33
Last Close Price 774,39 $
Average target price 686,25 $
Spread / Average Target -11,4%
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Elon Reeve Musk Technoking of Tesla
Zachary J. Kirkhorn Master of Coin
Robyn M. Denholm Chairman
Ira M. Ehrenpreis Independent Director
Antonio Jose Gracias Independent Director
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