China’s WeChat bans crypto and NFT-related accounts
No longer than 24 hours after reporting on China and their regulations of crypto and NFTs we are not reporting on a ban that has happened to accounts that used the Chinese social messaging service WeChat for crypto and NFT related issues.
WeChat has recently updated policies to ban accounts that offer any type of access to the crypto sphere or NFT services. Those accounts that are involved with trading, financing, or issuance of crypto are quickly removed and the users behind the accounts have been warned to be “dealt with.” All things crypto on the platform are to be considered illegal as the new regulations state. This is news that was reported by Wu Blockchain a crypto-based news reporter based in Hong Kong.
There may be a question as to what type of punishment will happen to the users who have created the accounts. Regulations in China and the punishments that go with them have always been an area of interest and intrigue — or fear. The new policy of WeChat has stated that once the violations are discovered, the platform will order the violating official accounts to fix the issue within a time limit, there are still some accounts that are continuing to deal with crypto even after the ban and warning, however. This may be due to the fact that NFTs still sit in a gray area of regulation as the digital art is being sold for fiat and sold as “digital collectibles” yet secondary trading is still not allowed. The general consensus of officials is that NFTs are not good, with the China Banking Association, China Internet Finance Association, and Securities Association of China all frowning upon the environment and issuing warnings to members of society that there are indeed too many risks.
WeChat has distanced itself from tech and NFTs since March in an attempt to sway any fears of a crackdown from officials in Beijing as the government tightens its grip on all tech sectors within the country.