E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

What Closing Costs Do Home Buyers Have?

February 25, 2023

What Is Realtek HD Audio Manager

February 2, 2023

A Basic Guide To Cell Tower Leasing

February 2, 2023
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?
Facebook Twitter Instagram
E Amazings
You are at:Home»Crypto»WeChat Bans All Crypto-Related Content Following ToS Update
Crypto

WeChat Bans All Crypto-Related Content Following ToS Update

By June 24, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email

[ad_1]

China has had a rocky relationship with the world of blockchain and digital assets for the past couple of years. Originally a country conducive to mining, trading, and other activities, 2021 led to crackdowns on almost everything, mainly due to high energy consumption and a perceived gateway for operations frowned upon by the government.

The Latest in a Series of Crackdowns

The crackdowns ultimately led to all cryptocurrency mining being banned in China, with many miners moving to neighboring countries, Kazakhstan and Iran in particular.

Both of these nations took advantage of the situation and facilitated the newly established crypto business endeavors, albeit with some restrictions.

Some form of digitally-related research is still underway in China, notably around CBDCs. However, in an update to its ToS, WeChat – the largest social network in the country, with over 1.1 billion users – has decided to ban all content believed to be promoting digital assets.

The change in WeChat’s policy towards the crypto world was unearthed by Hong Kong-based journalist Colin Wu.

WeChat with more than 1.1 billion daily active users in China, has updated its rules: WeChat public accounts which involved in the issuance, trading and financing of crypto and NFTs will be limited function or banned. https://t.co/0I9oMrvFTp pic.twitter.com/mzclYjFZNg

— Wu Blockchain (@WuBlockchain) June 20, 2022

NFTs Also Targeted

Prior to this update, NFTs were in a grey regulatory area in China. Although cryptocurrencies were already heavily targeted by regulation, WeChat’s ToS upgrade specifically aims at NFTs.

“Accounts that provide services or content related to the secondary transaction of digital collections shall also be dealt with in accordance with this article.”

The new ToS goes on to state that all accounts determined to be involved with “virtual currencies or digital collections” will be either shadowbanned – a practice that allows users already engaged with a certain community to stay active but removes said community from search results for anyone else – or terminated, depending on the perceived level of ToS violation.

Although NFTs were mostly ignored by Chinese regulatory bodies in the past, a recent report by China Times indicates that the amount of such platforms in the country has grown from about 100 to over 500 in 2022 alone.

According to Wu Junjie, a researcher at the Harbin Institute of Technology, many of these are bogged down by questionable compliance procedures – in regards to property rights and compliance alike.

“Regarding the compliance of intellectual property rights, the Hangzhou Internet Court in the first domestic NFT case determined that digital collection platforms need to undertake a higher pre-examination obligation, and has launched a strict examination and reporting mechanism for digital collection businesses.”

The drastic increase in interest for NFTs culminating in the legal case mentioned above may have brought those assets under regulatory scrutiny, prompting WeChat to target “digital collections” alongside cryptocurrencies.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.



[ad_2]

Source link

Related Posts

Report With an Eye on Mutual Settlements with China, Russia To Launch CBDC Early Next Year: Report

By September 28, 2022

China Cracks Down a $5.6 Billion Crypto Money-Laundering Scheme (Report)

By September 28, 2022

Binance Launches Training Program For Law Enforcement Agencies

By September 28, 2022

FTX US President Brett Harrison Steps Down

By September 27, 2022
Add A Comment

Comments are closed.

Our Picks

What Closing Costs Do Home Buyers Have?

By Corbin BowenFebruary 25, 2023

What Is Realtek HD Audio Manager

By Corbin BowenFebruary 2, 2023

A Basic Guide To Cell Tower Leasing

By Corbin BowenFebruary 2, 2023
Recent Posts
  • What Closing Costs Do Home Buyers Have? February 25, 2023
  • What Is Realtek HD Audio Manager February 2, 2023
  • A Basic Guide To Cell Tower Leasing February 2, 2023
  • Air Duct Repair 101: Everything You Need To Know February 2, 2023
  • Rashid Khan: A Nightmare For Every Batsmen January 18, 2023
  • Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant January 5, 2023
  • The Flight Of The Dremel January 5, 2023
Archives
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • September 2021
Facebook Twitter Instagram Pinterest TikTok
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.