Cryptocurrency and Blockchain media platforms have been banned from the popular WeChat app in China. According to most of the news coming out of Asia earlier this week, the social media giant has placed a ban on cryptocurrency and blockchain media platforms due to complaints from users. Some of the companies affected by this decision are Jinse, Deepchain, Huobi News and CoinDaily. After the news broke to the public, the message that appears on most, if not all the affected platforms state that:
“Due to users’ complaints and after the platform’s examinations, the account is found to violate ‘Temporary Regulations on the Development and Management of Public Information Services for Instant Messaging Tools’ and all contents have been banned. The account has been prohibited to use.”
So far, a time period has not been attached to the ban.
WeChat is a multi-purpose messaging, social media and mobile payment app developed by Tencent. The platform is one of the world’s largest standalone mobile apps by active users. More than 900 million people are using WeChat on a daily basis.
This ban on cryptocurrency media platforms from WeChat does not come as a total surprise. Less than three weeks ago, the Cyberspace Administration of China released the ‘Temporary Regulations on the Development and Management of Public Information Services for Instant Messaging Tool.” The official statement from the administration read:
“The users of instant messaging tools serving in public information service activities shall abide by relevant laws and regulations. For instant messaging service users who violate the agreement, the instant messaging service provider shall take measures such as warning, restriction, suspension, and closure until the account is closed“
The chinese government is well known for micromanaging social platforms and the internet in the country. Digital communication inside china is heavily censored. Beijing has already closed its doors on mega giant platforms like Facebook and Google, but according to an article released last september on CNBC website, new restrictions are being put in place to further curtail the use of the internet by the country’s 750 million internet users.
September 2017 also brought huge restrictions on the use and trading of bitcoin, as well as other cryptocurrencies in China. All bitcoin cryptocurrency exchanges in the country were initially banned from operation before a few of them, that decided to comply with the country’s strict regulations, were allowed to resume operations shortly after. BTCC is one such exchange that reopened on July 3, 2018. However, a lot of cryptocurrency exchanges and crypto platforms have already packed up and relocated overseas to neighbouring countries like Japan, in an effort avoid the tough regulations and restrictions being laid out by chinese authorities.
Picture source: eusmecentre.
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