China’s popular social media platform, WeChat has updated its privacy policy and has imposed ban on accounts related to crypto and NFT services.
As suggested by reports, accounts that issue, trade, and finance crypto and NFTs will be restricted under the new rules and will be classified as ‘illegal business’.
Section 3.24 in the upgraded “Code of Conduct” declares that any account involved in the issuance, trading, or financing of digital currency will face consequences.
Some of the functions will be kept limited for identified accounts, with the possibility of a permanent ban.
The policy also addresses secondary NFT trading. WeChat announced that accounts offering services or content related to the secondary transfer of digital collectibles ‘shall also be dealt with in accordance’ with the policy.
The revised policy also states that if any such violations are discovered, the platform will order the violating accounts to rectify within stipulated time.
Also read: Usage of Digital Yuan in China Leaps 1,800% in Past 12 Months
It is also informed that WeChat will ask banned accounts to submit a certificate of partnership with a blockchain enterprise. The blockchain organization must be registered and approved by the Chinese Cyberspace Administration.
Ironically, in April, WeChat had incorporated the Central Bank Digital Currency project ‘digital yuan’ in its payment options. However, the recent amendments made in the policy do project China’s strict monitoring of crypto or rather decentralization.
In view of this, the significance of the decision can be gauged by the fact that WeChat has more than 1.1 billion daily users in China.
