Popular Chinese chat app has blocked a large amount of NFT-related accounts
content
- Tencent’s ban targets NFT speculation
- Official accounts with primary transactions
Chinese messenger app WeChat, which belongs to the Tencent giant and boasts 1.2 billion active users, has largely banned accounts that promote non-fungible tokens (NFTs) and secondary transactions with them. Huh.
The link to the Chinese source of this announcement was shared by Colin Wu—China-based crypto journalist and blogger.
WeChat, which has 1.2 billion users, said it had banned a large number of NFT accounts, required filings from the Chinese government-provided blockchain company, and did not allow secondary transactions. https://t.co/sr828ipZaV
— Wu Blockchain (@WuBlockchain) 30 March 2022
Tencent’s ban targets NFT speculation
Chinese news outlet Sina has made publicity about the current policy adopted by Tencent regarding accounts selling promotions on various digital assets and collections of tokens on WeChat. In addition, WeChat prohibits secondary trading of non-fungible tokens.
The article states that Chinese conglomerate Tencent intends to standardize and improve these accounts. Previously, Tencent set up its own NFT platform with the Alibaba giant, even though the Chinese government banned NFTs while allowing “digital collectibles”.
yb Tencent’s move on WeChat is due to national regulations to avoid the spread of speculation with NFTs and its underlying crypto transactions.
Official accounts with primary transactions
However, official NFT accounts, which reflect the collection of NFTs and provide primary transactions, may avoid being banned. To do so, they must provide a document confirming their association with a blockchain company that is registered and approved by the Cyberspace Administration of China.
In the future, Tencent intends to observe the relevant requirements of local regulators as well as new trends in the NFT sector. Tencent plans to reform and adjust its rules accordingly.
Back in 2019, WeChat banned accounts making crypto payments or promoting ICOs.