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Chinese messenger WeChat to block any references to cryptocurrencies

Chinese messenger WeChat to block any references to cryptocurrencies

One of China's most popular platforms, with more than 1.2 billion users, imposes restrictions on content related to digital currencies.

China's largest messenger WeChat updated the terms of use, prohibiting posting information about services and products related to cryptocurrency or non-fungible tokens (NFT).

Information about decentralized digital asset issuance, trading, and transactions is banned. WeChat also bans recommendations, links, and guides related to cryptocurrencies and NFTs. The new rules also apply to accounts that provide intermediary services.

If such activity is detected, the platform will notify the user about the violation of the rules. WeChat sets a certain period of time for fixing and restricts the account's functionality. The account will be blocked if the user does not rectify the information posted.

At the end of September 2021, the People's Bank of China banned cryptocurrency transactions. Using digital assets in the country equates to illicit financial activity.

China started to introduce tough measures against cryptocurrencies back in late May 2021 following a call from Vice Premier Liu He of the State Council of China to tighten the regulation of digital assets. Still, China remains one of the leaders in cryptocurrency mining.

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