The Chinese government has put a halt to all crypto and non-fungible token activity within the WeChat app. The move comes as no surprise considering uncertainty in China surrounding blockchain technology, which is still very much banned domestically. This could be an early sign that other countries are beginning to take a similarly restrictive stance on cryptocurrencies and NFTs moving forward.
The “WeChat Puts a Stop to All NFT and Crypto Activity” is an article that talks about China’s WeChat putting a stop to all NFT and crypto activity.
WeChat, the largest social media platform in China, recently updated its policy to prohibit accounts from offering access to cryptocurrency or NFT-related services.
More specifically, the new policies have determined that any of the platform’s 1.1 billion active daily accounts that engage in the trading, issuing, or financing of cryptocurrencies or NFTs will now fall under the “illegal business category,” and as a result, will be subject to restrictions or be prohibited from using its services. Such a policy also applies to accounts engaged in sales on the secondary NFT market.
If a user is found to be infringing the rules, the offending account will need to make the necessary corrections within a certain amount of time while also having access to certain account features limited. If the offense is serious enough, the offending user may also be permanently barred from the site.
WeChat is not the only significant Chinese social media platform to distance itself from blockchain technology. WhaleTalk, the nation’s leading platform for digital collectibles, has also expressed its concerns with NFTs and cryptocurrency. This is due in part to the murky regulatory environment in the area as well as the worry that Beijing authorities will soon crack down on their operations if anything seems to deviate from the nation’s anti-Web3 ethos.
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