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.