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Accounts linked to NFTs trading are being blocked by a Chinese social media giant, WeChat

According to Global Times, the Chinese official tabloid media connected with the People’s Daily, WeChat, the dominant mega app with over 1.2 billion users in China, has blocked over 10 accounts suspected in NFTs trading.

WeChat stated on Wednesday that the move was made to discourage user accounts and mini-programs from engaging in bitcoin speculation, as well as to avoid the dangers involved with cryptocurrency trading. Second-hand NFTs trade is not permitted on the network, according to the social media behemoth.

WeChat said that public accounts that allow main NFTs trading must give proof of cooperation with blockchain enterprises registered with the Chinese Cyberspace Administration.

Digital collectibles are only supported as “gifts within the primary market” and as part of digital exhibitions in the platform’s mini-programs.

“If any bypass or counter moves are identified, the accounts may be banned or terminated based on the magnitude of the infringement,” WeChat said, doubling down on its enforcement in line with the Chinese government’s aggressive stance.

Unlike bitcoin trading and mining, which are explicitly prohibited in China, NFTs are still a murky area with ambiguous restrictions. In China, these assets are known as digital collectibles, and they are growing appeal among the youth.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.