China’s biggest social media platform WeChat has just announced that they will be banning accounts linked to any form of Crypto as well as banning anything to do with NFT. This is a move to show China’s strict position when it is something relating to Crypto or NFT.
What is the ban of Crypto and NFT all about?
Crypto news Reporter Colin Wu based in Hong Kong has shared on the updated policy that any accounts that are linked to issuing, trading and financing of Crypto and NFT will be banned. Colin also said that there are around 1.1 billion people using this platform in China.
Just to make it more clear on this subject, the Chinese Government has no control over WeChat or over this new policy added to banning accounts but it is regarding the strict rules that the companies follow. Also being a Chinese company there is a need for them to share the data with the Chinese Government therefore still it acts as a surveillance tool for the Chinese Government.
The country has gone out of its way to ban the use of Cryptos and NFT even when everyone else is using Crypto but still saying that China has a strained relationship with Crypto is an understatement.
With all placed on the table, we can say that the issue of China towards Crypto and NFT is on the matters of decentralisation. Although China did some experiments on the Crypto and NFT of their own, the matter of decentralisation is an issue for China and hence the ban of accounts linked to Crypto and NFT.
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