Policy Update in We chat to ban crypto

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China’s biggest social media platform We Chat has just announced a ban on all crypto and NFT-related accounts.

We Chat Crypto and NFT ban: Colin Wu Hong Kong-based crypto news reporter shared the updated policy on Twitter and note that public accounts on WeChat that involve “the issuance, trading and financing of crypto and NFTs” are subject to a ban. The reporter also highlights that WeChat, has an astounding 1.1 billion daily active users in China. the Chinese government does not technically control WeChat or its policy on banning crypto and NFTs. However, it is subject to the stringent rules that Chinese companies must follow. Significantly, it must share data with the Chinese government under the China Internet Security Law and National Intelligence Law. 

As a matter of fact, the country has experimented both with NFTs and its own centralized digital currency. Evidently, 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 seems to suggest.

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