{"id":49006,"date":"2022-06-21T18:44:01","date_gmt":"2022-06-21T16:44:01","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=49006"},"modified":"2022-06-21T18:44:01","modified_gmt":"2022-06-21T16:44:01","slug":"wechat-plans-to-ban-crypto-and-nft-related-accounts","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/wechat-plans-to-ban-crypto-and-nft-related-accounts\/","title":{"rendered":"WeChat Plans to Ban Crypto and NFT-Related Accounts"},"content":{"rendered":"

WeChat<\/strong> is China\u2019s alternative<\/strong> to popular social media platforms, like Messenger and WhatsApp<\/strong>. Recently, WeChat has taken steps forward<\/strong> and has<\/span> decided<\/a><\/strong> to ban<\/strong> any accounts that might play a role in the provision of digital assets<\/strong>. In efforts to operate according to the newly passed law<\/strong>, the platform recently took the initiative of updating its policies<\/strong>. These updates will cover all accounts responsible for collecting digital NFT art<\/strong>.<\/span><\/p>\n

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Moreover, WeChat is set to instantaneously ban or suspend accounts<\/strong> that might support crypto trading<\/strong>. The firm has mentioned its disdain against crypto-related activities<\/strong> pretty clearly. On the other hand, WeChat also mentioned that any accounts involved<\/strong> in the conduction of such activities would be tossed into their Illegal Business Section<\/strong> almost immediately. This shows the seriousness of these updated policies<\/strong>.\u00a0<\/span><\/p>\n

WeChat Poses Sanctions for Guilty Accounts<\/span><\/h2>\n

The application\u2019s latest update also covers NFTs<\/strong> to a wider extent. In accordance with this, any primary or secondary accounts<\/strong> holding any forms of digital art<\/strong> would be banned<\/strong> permanently. The news reporter, Colin Wu<\/strong>, also mentioned the overall effects<\/strong> of these new policies on the crypto market<\/strong>. Moreover, it is reported that more than a billion people<\/strong> take advantage of WeChat\u2019s services on a day-to-day basis<\/strong>. Thus, this change in policies will impact<\/strong> a larger section of these consumers.<\/span><\/p>\n

\"crypto\"<\/p>\n

WeChat also stated that if it finds any account breaching<\/strong> the newly imposed rules, it will ultimately serve as a call<\/strong> for the people responsible to follow the rules under any circumstances. During that period, users would be unable<\/strong> to carry out a number of activities with their accounts. Furthermore, WeChat also said that accounts of such users might inevitably end up getting banned<\/strong>. Their failure to comply<\/strong> with new restrictions would be the cause of banning after that prescribed duration<\/strong>.<\/span><\/p>\n

The love-and-hate relationship of China<\/strong> with crypto is not a new story. Back in the September of 2021<\/strong>, the Chinese government took the initiative of banning <\/a><\/strong>digital assets. This move was expected to be carried out in different phases<\/strong>\u00a0to ensure maximum effectiveness<\/strong>. Keeping this update into consideration, it is easy to deduce that WeChat has seen a surge<\/strong> in its crypto activities. This is exactly the reason why WeChat took the decision of revising its policies<\/strong>. As of now, China has not really established any real policies related to the trading and the purchase of NFTs<\/strong>. It is still a huge market<\/strong> for NFTs, as the sector has experienced growth lately.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

WeChat is China\u2019s alternative to popular social media platforms, like Messenger and WhatsApp. Recently, WeChat has taken steps forward and has decided to ban any accounts that might play a role in the provision of digital assets. In efforts to operate according to the newly passed law, the platform recently took the initiative of updating … <\/p>\n

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