Wechat to Prohibit Accounts From Providing Some NFT and Crypto Services
Tencent’s Wechat intends to impose penalties on public accounts facilitating secondary trading of NFTs, a press report has revealed. Accounts offering transaction channels and guidance for cryptocurrencies have also been targeted by the new rule. Popular Chinese App to Impose Restrictions on NFT Trading Wechat, the instant messaging, social media, and mobile payment app developed by the Chinese tech giant Tencent, is introducing a policy update that will prohibit the provision of certain services related to non-fungible tokens (NFTs) and cryptocurrencies on its platform. Quoted by....
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Tencent Holdings’ WeChat has suspended various accounts that promote digital collectibles, a term that is commonly used in China to refer to non-fungible tokens (NFTs) that cannot be purchased or traded using cryptocurrencies. WeChat — China’s biggest and most popular social media platform with a user base of over 1.2 billion — said that the primary […]
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....
The policy also covers secondary NFT trading as the firm notes that “accounts that provide services or content related to the secondary transaction of digital collections shall also be dealt with.” The top social media platform in China, WeChat, has updated its policies to ban accounts that provide access to crypto or NFT-related services. Under the new guidelines, accounts involved with the issuance, trading, and financing of crypto and NFTs will be either restricted or banned and will fall under the “illegal business” category. The policy also covers secondary NFT trading, with the firm....
While WeChat isn't as popular outside of China as WhatsApp, it is ubiquitous on the mainland. WeChat, China's largest messaging app and one of the country's most popular payment services, will start supporting the Chinese government's digital currency.On Jan. 6, 2021, Tencent announced that it will begin accepting digital yuan payments via its proprietary mobile wallet WeChat Pay, according to a local news report. China has been developing a digital yuan since 2014, and it has yet to be implemented nationwide. If people start paying for goods and services with WeChat, which has more than 1....
Wechat Secretary, a virtual concierge and purchasing agent, now accepts Bitcoin for its concierge services. The service allows expats in China to make purchases from Taobao, the biggest e-commerce store in the world, Alibaba and cTrip. The company even accepts bitcoins to create and fund an Alipay account for customers who wish to purchase items in China without the use of an agent. As David Lancashire, a founder of Wechat Secretary says, "This is the equivalent of being able to deposit bitcoin into the Chinese version of PayPal." Wechat Secretary can set you up with airport concierge....