It lokos indeed like a type of mould, and not limestone, as we normally see on these plants.
Mould in a tree is the end of story. Sorry.
You CAN try whether cleaning the outside helps; I double however, as there is nothing bu the bark; Which would mean the mould realy is growing on the plant, and not on some other residue (such as aphid's sugary excretion).
Note, this forum deals with the japanese artform of growing miniature trees. Although the plant you have there may have been labelled bonsai, on this forum it would not be considered as such. But rather, we would cal it a mallsai. A tree sold to unsuspecting shoppers as a bonsai, where it really is not.