WeChat bans NFT and crypto content

WeChat is arguably the app in China. Sending text and audio messages, making phone calls, ordering food, seeing friends' latest feeds and paying utility bills are all possible with just a few clicks via WeChat. Everything except crypto.

The Chinese government took the first steps against the crypto sector last year. Since then, the mining of cryptocurrencies such as Bitcoin or Ethereum has been illegal in the People's Republic . Now there is said to be a general ban on trading crypto and NFTs on the all-encompassing WeChat app.

Hong Kong crypto reporter Colin Wu tweeted on June 20, 2022 that public WeChat accounts involved in issuance, trading and funding of cryptocurrencies and NFTs would be restricted or banned.

WeChat has a tiered penalty system . Depending on the severity of the offence, the number and e-mail address can be canceled and other information, such as the ID card or micro signal, can be blocked from further registration.

If violations of the new policy are identified, users should first be asked to correct violations before the account's functions are restricted or it is completely closed.

Considering that the app is essential to the social life of Chinese citizens, engaging in digital currencies or digital collections via WeChat can have a huge impact in the future.

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