WeChat Bans Crypto and NFT Public Accounts
- WeChat, China’s largest social media platform with over 1.1 billion daily users, has changed its policy and will now ban accounts connected to crypto and NFTs.
- The platform has placed “engaging in virtual currency or digital collection business” under its illegal operations clause, meaning it will be considered as “violating content”.
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WeChat, China’s largest social media platform, has updated its policies and will now ban accounts that provide services related to cryptocurrencies and nonfungible tokens (NFTs).
The development was first reported on Monday by Hong Kong-based crypto reporter Wu Blockchain (Colin Wu), who noted that WeChat public accounts involved in the issuance, trading, and financing of crypto and NFTs will either be restricted or banned. The social media platform’s new policy also covers the secondary trading of NFTs, noting that such accounts “shall also be dealt with in accordance with this article”.
The social media platform has now put “engaging in virtual currency or digital collection business” under its “illegal business operations” clause, meaning crypto activities will now be considered as “violating content”. This action can be viewed as quite significant, considering WeChat has over 1.1 billion daily active users in China.
While WeChat has decided to ban accounts connected to cryptocurrencies and NFTs, it still provides its users with access to a digital currency. At the start of the year, the Chinese social media platform added support for the country’s Central Bank Digital Currency (CBDC) to its WeChat Pay wallet, one of China’s most popular payment services. The People’s Bank of China (PBoC) has been conducting tests using the digital yuan (e-CNY) for two years now, and has already completed billions worth of transactions.
- The head of China’s central bank digital currency institute said the e-CNY has undergone a major upgrade, and should be made available as an option in all retail scenarios.
- The PBOC official noted that platforms can integrate the CBDC in the short term using QR codes, and focus on upgrading their payment tools in the long run.
Office building of the People’s Bank of China. Flickr
- The team behind Multichain confirmed that their CEO was detained in China on 21 May, and that all of his electronic devices were confiscated by the local police.
- The CEO’s sister moved the project’s remaining funds to wallets under her control on 9 July, and several days later was also detained by the police, leaving the team with no funds.
- Being more prone to taking risks and investing money in new technologies, millennials definitely have a big impact on the global economy.
- With most of the current workforce consisting of millennials, this generation has become the deciding factor behind the success and failure of many industries.