WECHAT TO BLOCK ANY ACCOUNTS THAT ARE RELATED TO TRADING NFTS AND CRYPTOCURRENCIES!
WeChat, the popular messaging and social media platform in China, has chosen to block any accounts that deal in trading NFTs and cryptocurrencies. Giving the impression that the Chinese government is retaliating against the crypto ecosystem.
Converting digital currencies into fiat currencies, issuance of tokens, and the trading of derivatives, as well as intermediaries and their pricing, are among the activities that have been effectively outlawed.
Accounts that violate these guidelines may be subject to restrictions or, depending on the infraction’s seriousness, permanently closed.
The new regulations aim to prevent intermediaries from soliciting customers using social media sites like WeChat. However, people can still purchase and hold these assets in their accounts without being hindered.
Several years ago, China’s government cracked down on the cryptocurrency sector. Gradually outlawed several activities related to digital assets, including running cryptocurrency exchanges and mining them.
Due to these regulations, businesses in the industry have been compelled to relocate their operations to regions that offer crypto services. In addition, the heavy usage of power produced from carbon by mining has been deemed “very dangerous” by Chinese officials.