Popular Chinese chat app has blocked large amounts of accounts related to NFTs
Chinese messaging app WeChat, which is owned by giant Tencent and has 1.2 billion active users, has massively banned accounts that promote non-fungible tokens (NFTs) and conduct secondary transactions with them.
The link to the Chinese source of this announcement was shared by Colin Wu—a China-based crypto journalist and blogger.
Tencent Ban Targets NFT Speculation
Chinese news outlet Sina spread the word about the current policy adopted by Tencent regarding accounts that hype various digital assets and sell token collections on WeChat. Additionally, WeChat has banned secondary transactions of non-fungible tokens.
The article says that the Chinese conglomerate Tencent intends to standardize and rectify these accounts. Previously, Tencent set up its own NFT platform, along with the Alibaba giant, even though the Chinese government had banned NFTs, while allowing “digital collectibles.”
This yb Tencent move on WeChat was prompted by national regulations to prevent the spread of speculation with NFT and underlying crypto transactions.
Official accounts with primary transactions
However, official NFT accounts, which display collections of NFTs and provide primary transactions, can avoid getting banned. To do that, they need to provide a document confirming their cooperation with a blockchain company, which is registered and approved by the Cyberspace Administration of China.
Going forward, Tencent intends to monitor new trends in the NFT space, as well as relevant requirements from local regulators. Tencent plans to improve and adjust its rules accordingly.
Back in 2019, WeChat imposed a ban on accounts that conducted crypto payments or promoted ICOs.
