We encourage you to do your own research before investing. However, touching WeChat could be the next step of the Chinese government in its efforts to “squeeze” crypto in the country.ĭISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. The crypto scene in Shanghai has since officially turned the page, many also think that China will “turn the wheel”. The Commerce Department is reviewing recent actions, such as the rules undermining TikTok and WeChat, to ensure that efforts by the Trump administration to ban them based on claimed national-security threats were justified, according to a Thursday government filing in a suit by WeChat users challenging the ban. The notice was posted by the court on WeChat amid the shock of the community. Even a source familiar with the Chinese market called this “the harshest sweep in history”.īut in mid-May, the Shanghai High People’s Court ruled that Bitcoin has economic value and is officially protected by local laws. Several crypto-related KOL accounts on the Weibo platform were also “touched”. Many platforms and miners fled the country. The app is widely used around the world, including by. The injunction temporarily delayed the ban. The demand to regulate Bitcoin mining and trading activities has caused the market to fall into crisis in 2021 culminating in the “comprehensive general election ban” in September, the “last drop” dyed the whole market red. In August, President Trump signed an executive order banning WeChat as of midnight on Sept. WeChat is increasingly “expanding” its influence globally and affirming the power of a “super app” from the country of billions of people.Ĭhina has long been known to be hostile to cryptocurrencies. In the worst case, the user will be permanently locked out of the account.įirst appeared in China in 2011, WeChat is a messaging application developed by the giant Tencent. WeChat, a popular mobile messaging and money transfer service in China, has become the latest social app blocked in Russia, according to the Hong Kong Free Press. If the violations of the above, depending on the severity, WeChat will issue a processing time and will limit some functions of the account. Providing services or content related to secondary transactions of digital collections.The US views such technology as potentially threatening to national security, which is an extremely sensitive subject on the governmental level. The app has been criticized for the deliberate collection of information on its users all around the world (Knockel et al.). Funding, supporting token issuance and crypto derivatives trading. The WeChat ban is an expression of the larger confrontation of interests.Provide information, pricing for cryptocurrency transactions.Involved with exchanges, performing exchanges between cryptocurrencies and fiat currencies or between cryptocurrencies.So what cases will constitute infringing content? WeChat has included crypto-related activities under the term “illegal business” and deemed it “infringing content”. Specifically, the application has more than 1.1 billion daily active users banning accounts related to the issuance, trading, funding of cryptocurrencies and NFT. WeChat with more than 1.1 billion daily active users in China, has updated its rules: WeChat public accounts which involved in the issuance, trading and financing of crypto and NFTs will be limited function or banned.
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