Beijing Removes Bitcoin Content From Douyin App Shortly After Its Debut

Just one day after its debut, Bitcoin search results were no longer available in the Chinese app called Douyin which recently displayed the token’s price in its search results. The news sparked hopes of a shift in Beijing’s stance on the digital asset ecosystem.

According to the latest update shared by Wu Blockchain, the content of Bitcoin and other Tokens in Douyin can no longer be displayed.

The current search result is “According to relevant national regulations, unofficial virtual currencies do not have the same legal status as legal tender. Please invest carefully.”

Douyin is produced by ByteDance the same firm that owns TikTok and has become an influential consumer tool for the Chinese people.

Almost 730 million people have access to this short-video platform in China by the end of 2022.

Therefore the introduction of Bitcoin in China’s tightly regulated social media was seen as a breath of fresh air.

It is worthwhile to recall on Jan. 25, there were numerous reports claiming that the Chinese tax authorities were looking into the country’s “crypto whales” money in order to tax it.

According to local sources, a local tax office had been in contact with an anonymous large-scale investor since early 2022, requesting an audit of its personal income tax.

It was also revealed that the tax inspectors are looking to apply the basic Chinese income tax rate to their earnings.

Although Beijing may not publicly endorse crypto assets, there is speculation that it is aiding its special administrative region Hong Kong to achieve its objective of becoming a major worldwide hub for the industry.

According to a Bloomberg report, Hong Kong has taken a much more liberated approach and has hosted various crypto events in the city which was heavily frequented by officials from China’s Liaison Office and other related entities.

During these events, these gov execs monitored progress, requested updates, and occasionally followed up with calls.

The presence of these Chinese officials led to speculation that the nation covertly harbor a desire to investigate the potential of digital assets and a view of the city’s laissez-faire attitude as an ideal setting for testing and experimenting.

Meanwhile, Bitcoin has continued to display bullish signals amidst its historic price surge.

Bitcoin’s Value Taps 10-Month High

As reported by TronWeekly, more Bitcoins are now in the bags of investors who are keen on keeping their bags unmoved for the long term. This trend was last seen from January 2021 through April 2021 when BTC created history and surpassed $64k.

Not long ago, Bitcoin surged above $30,000 for the first time since June 2022, indicating that the largest cryptocurrency by market capitalization is about to break out.