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Chinese Messaging App Wechat Reportedly Suspends Accounts Linked to NFTs

News Feed - 2022-04-04 06:04:59

Chinese Messaging App Wechat Reportedly Suspends Accounts Linked to NFTs


Wechat, the Chinese messaging app, has reportedly suspended accounts that are linked to non-fungible tokens (NFTs). The objective of the crackdown is to stop the use of the affected accounts in promoting NFTs. The Widening Crackdown on Digital Assets


The Chinese messaging app Wechat recently acknowledged it had suspended some accounts which are said to be linked to non-fungible tokens (NFTs). The suspension of the accounts, according to a BBC report, is aimed at stopping such blacklisted accounts from engaging in NFT market promotional activities that help to drive up prices.


The targeting of NFT-promoting accounts by Wechat appears to suggest that China, which currently does not have specific regulations against NFTs, is widening its crackdown on digital assets that began in 2021.


As explained by multiplereports published by Bitcoin.com News, Chinese authorities have been clamping down on bitcoin miners and cryptocurrency exchange platforms since mid-2021. The crackdown is believed to have forced some crypto miners and platforms to leave mainland China.


‘Rectified’ Public Accounts


While it is not clear if the crackdown has succeeded in completely stopping Chinese citizens from trading or mining crypto, a BBC report suggests Chinese authorities are now eager to add NFTs to the list of outlawed activities. The same report also expanded on the reason, quoting an update from the Wechat team which said: [Wechat] has recently standardized and rectified public accounts and small programs for speculation and secondary sales of digital collections.


Wechat also clarified that the action taken against the now “rectified” accounts was done in accordance with relevant national regulations. Tags in this story Bitcoin Miners, Cryptocurrency Exchange, NFTs, Non-fungible Token, WeChat


What are your thoughts on this story? Tell us what you think in the comments section below. Terence Zimwara


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Shiba Inu Presents SHIB Metaverse With Over 100K Land Plots METAVERSE | 2 days ago Bandai Namco Announces Gundam Themed Metaverse METAVERSE | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleIndonesian Government Sets Crypto Tax at 0.1% to Be Levied Starting in May Next articleErtha’s Inter-Metaverse Portal NFTs Bought for $60K Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItPolygon Announces Zero-Knowledge Identity Platform for Web3


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