Chinese messenger WeChat imposed restrictions on content about cryptocurrencies

The platform will block accounts that disseminate information about digital assets

21.06.2022 - 11:45

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1 min

What’s new? Chinese messenger WeChat, which has an audience of more than 1,2 billion users, will start blocking accounts related to cryptocurrencies and NFTs. The platform’s new rules prohibit mentions of digital assets and non-fungible tokens, including information on services and services, issuance and transactions, as well as recommendations and guidance.

Updated WeChat Terms of Use

What will happen to violators? WeChat will send a notification to the user if banned information is detected. In this, the messenger will restrict some functions of the account and give a certain period to rectify. If the information is not removed, the platform will block the account.

In September 2021, the People’s Bank of China banned all financial activities related to cryptocurrencies. In April 2022, the China Internet Finance Association, the China Banking Association, and the China Securities Association proposed a set of restrictions for dealing with NFTs.

The number of NFT marketplaces in China increased five-fold since February, with more than 500 platforms operating in the country. Interest in digital collectibles continues to grow despite warnings from the authorities about their dangers.

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