Beijing is not going to loosen its grip on the crypto market. Not long ago, it delivered a new blow to the industry. China’s most popular instant messenger - WeChat-banned crypto-related accounts on its platform. It is quite obvious that this move has been made because of increased pressure from the government.
WeChat, which is owned by Chinese tech giant Tencent, prohibited its users to sell and promote any cryptocurrencies on the platform as well as make transactions with non-interchangeable tokens (NFT). Those who violate these rules will face punitive measures, e.g. blocking and deleting accounts. WeChat states that it will give violators time to change the settings of their accounts within a certain period of time. However, should users breach the rules once again, their accounts will be blocked forever.
In 2021, the People's Bank of China imposed a blanket ban on all crypto transactions as well as their mining. The regulator believes that cryptocurrencies are posing a growing risk to China’s financial system owing to their highly speculative nature.
WeChat is the most popular messenger in China with a number of users exceeding 1 billion. The app also allows users to perform a variety of transactions, including purchases of different items, as well as work with some documents.
