China’s WeChat Bans Accounts Related to Crypto

Vignesh Karunanidhi
China’s WeChat Bans Accounts Related to Crypto
Source: Protocol

WeChat, China’s popular messaging app, has updated its rules to ban all accounts that provide crypto services and content. China has made it clear that it doesn’t want to involve itself with anything dealing with cryptocurrency. To make things harder for the crypto enthusiasts in China, WeChat has come up with new rules.

WeChat’s new rules declare that any accounts on the platform that are involved in crypto-related activities, including trading, issuance, and financing of crypto and NFTs, will be either banned or limited by the platform.

Source: Wu Blockchain

WeChat rules down the activities under the radar

WeChat has a customer base of over 1.1 million. The users who indulge themselves in the transactions between cryptocurrencies or virtual and fiat currency, or the accounts that provide data, information, and pricing services, as well as the accounts that issue token financing and crypto trading.

If found guilty of any of these violations:

“WeChat will order the violating official account to rectify within a time limit and restrict some functions of the account until it is permanently banned according to the severity of the violation.”

As reported in April, China attempted to partake in CBDCs. WeChat allowed users to conduct transactions using digital yuan as part of a test program. WeChat also participated in the digital yuan trial program, according to the report. It also pushed the use of the digital renminbi in experimental zones, according to the release.

Data has also revealed that bitcoin mining is still quite active in the country. Several firms have suffered losses as a result of China’s massive crypto crackdown, with many of them being forced to shut down entirely. All of the major Bitcoin mining farms were seized in China. Following the crackdown, they were all dispersed. However, it appears that the Chinese have discovered a means to circumvent the government’s restrictions.

Source: China Dialogue

China is still a key Bitcoin mining hub, according to recent research produced by the Cambridge Centre for Alternative Finance [CCAF] and Cambridge Bitcoin Electricity Consumption Index [CBECI]. In January 2022, BTC miners in the nation accounted for 21.1 percent of the total BTC mining hash rate. As a result, China took second place.