China’s largest social media platform WeChat recently announced a ban on all crypto and NFT-related accounts. The move is the latest example of China’s dire situation when it comes to crypto.
As of now, WeChat accounts related to crypto or NFTs will be considered illegal business. credit: Marco Virtu
All About WeChat Crypto and NFT Ban
Hong Kong-based crypto news reporter Colin Wu shared the updated policy on Twitter on Monday. In the tweet, Wu noted that public accounts on WeChat that include “the issuance, trading and financing of crypto and NFTs” are subject to restrictions. The reporter also highlighted that WeChat has an astonishing 1.1 billion daily active users in China.
To be clear, the Chinese government does not technically control WeChat or the policy of banning crypto and NFTs. However, it is subject to stringent regulations that Chinese companies must adhere to. Significantly, it must share data with the Chinese government under the China Internet Security Act and the National Intelligence Act. As a result, many critics and observers of the Chinese government view WeChat as a surveillance tool.
To say that China has strained relations with crypto and NFTs is a huge understatement. In fact, the country has gone out of its way to ban the use of most global cryptocurrencies and NFT platforms in recent months.
With all that said, China’s relationship to crypto isn’t quite straightforward. In fact, the country has experimented with both NFTs and its own centralized digital currency. Obviously, the decentralized aspects of crypto are the main pain point as far as the Chinese government is concerned. Certainly, that’s what the crypto WeChat ban suggests.
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