Popular Chinese chat app blocked a large number of NFT related accounts
WeChat, a Chinese messenger app that belongs to Tencent’s giant and boasts 1.2 billion active users, Significantly banned accounts Promote non-fungible tokens (NFTs) and execute secondary transactions with them.
The link to the Chinese source of this announcement was shared by Colin Wu, a crypto journalist and blogger based in China.
WeChat, which has 1.2 billion users, said it banned NFT accounts in large numbers, required submissions to blockchain companies provided by the Chinese government, and banned secondary transactions. https://t.co/sr828ipZaV
— Wu Blockchain (@WuBlockchain) March 30, 2022
Tencent’s ban targets NFT speculation
Chinese news agency Sina has touted various digital assets and disseminated information about Tencent’s current policy on accounts selling a collection of tokens on WeChat. In addition, WeChat prohibits secondary transactions of irreplaceable tokens.
According to this article, Chinese conglomerate Tencent will standardize and modify these accounts. Earlier, Tencent set up its own NFT platform with Alibaba giants, even though the Chinese government has banned NFTs. “Digital collection.”
This move on WeChat, ybTencent, was triggered by national regulations to avoid widespread speculation in NFTs and their underlying crypto transactions.
Official account with primary transaction
However, official NFT accounts that view NFT collections and provide primary transactions can be avoided from being banned. To do so, you need to submit a document confirming your cooperation with the blockchain company. This document has been registered and approved by the Cyberspace Administration. China..
In the future, Tencent will monitor new trends in NFT space, along with relevant requirements from local regulators. Tencent plans to improve and adjust the rules accordingly.
Back in 2019, WeChat imposes a ban An account that made crypto payments or promoted an ICO.
