WeChat – Cryptocurrencies and NFT equated with “unlawful actions”

In the long list of countries hostile to cryptocurrencies, China could serve as an example of the worst. Because it obviously manages to surpass Europe or France in that field, and yet it is especially dangerous in that regard. With the government in Beijing, which is used to explosive announcements, whose repetition and uselessness in the end raise legitimate questions about the desire to manipulate prices. And, since the official establishment of the digital currency of the central bank (MNBC), a kind of digital policy of the burned country. With one last significant consequence, the WeChat social network is in the midst of a crypto witch hunt.

China may seem distant and misplaced when it comes to regulating the cryptocurrency market. But we should never underestimate the ability of certain leaders and senior managers to always draw inspiration from the worst in this area.. Because Europe has still managed to try to ban the Proof of Work (PoW) Bitcoin, as part of its MiCA law. And everything suggests that nothing will go on the field for years.

With the main war horse, the current decline in the cryptocurrency market. And its problematic consequences on certain projects, even in the ranks of DeFi. And the alleged concern vis-à-vis investor security, which ultimately hides more likely international monetary competition. The reason why China is in full active repression on the ground. This paves the way for its digital yuan, which the United States is already considering banning. On the horizon are: cryptocurrencies and their derivatives such as NFT tokens.

cryptocurrencies

US vs. Digital Yuan – Chinese MNBC Ban Act

Hugh B. – May 28, 2022 – 3:00 p.m.

The current crisis situation has many visible consequences, such as […]

Read more >>

WeChat – Delete crypto accounts

The anti-crypto policy of the Chinese government obviously has repercussions for companies operating on its territory. And in this case, the social network WeChat has just published new rules as part of its internal policy. And, according to them, the accounts involved in “issuing, trading and financing” related to cryptocurrencies will be restricted or even banned. But these modifications also apply – and this is the first time – to a collection of NFT tokens. And whether it is their promotion or any activity that is performed on the secondary market. All this is indiscriminately categorized as “illegal activities”. »

Includes issuance, transactions and financing related to cryptocurrencies. Activities such as transaction execution, issuance channel orientation, virtual and real currency exchange, information brokerage and pricing services… (…) Accounts providing services or content related to a secondary transaction of digital collections (NFT) will also be treated in accordance with with this article. »

WeChat

News published yesterday at the end of the day Twitter local journalist Colin Wu (Wu Blockchain). The latter emphasizes the importance and impact of this decision of the social network WeChat. A large number with more than 1.1 billion active users per day in China. Especially due to the very repressive nature of this internal policy, which may even lead to the final closing of the respective accounts. This was determined “depending on the gravity of the violation”. And with the possibility of correcting the situation “at a given time” if the latter is considered minimal.

China – NFT swim in the gray zone

The decision suggests government pressure, as part of an anti-crypto policy Beijing has introduced since last year. Because the WeChat platform could probably have missed this type of activity during this period. Especially if we take into account the regulatory ambiguity surrounding the NFT market. Because the latter can be bought for traditional currency, but their secondary trade is simply banned on platforms dedicated to cryptocurrencies. This is to avoid entering into a regulatory conflict with the rules of “technology financing”. »

NFT tokens

Alibaba (or abracadabra?) – Chinese NFT “not cryptocurrencies”

Hugh B. – July 21, 2021 – 09:00

It seems that the Chinese reconstruction of bitcoin and […]

Read more >>

The dynamics of distancing in relation to NFT was launched last March by the Ant Group. The latter owner – among others – the network WeChat and WhaleTalk. This is due to the fear of repression by the Beijing government, related to the lack of clarity.. Because members of China’s high authorities strongly oppose the proliferation of these irreplaceable tokens. With the head of this revenge, the Chinese Banking Association, the Chinese Internet Finance Association and the Chinese Securities Association. The latter issued a joint statement in April warning the public of “hidden risks” related to NFT investment.

Leave a Comment