Chinese Messaging App Wechat Reportedly Suspends Accounts Linked to NFTs

Chinese Messaging App Wechat Reportedly Suspends Accounts Linked to NFTs

THELOGICALINDIAN - Wechat the Chinese messaging app has reportedly abeyant accounts that are affiliated to nonfungible tokens NFTs The cold of the crackdown is to stop the use of the afflicted accounts in announcement NFTs

The Widening Crackdown on Digital Assets

The Chinese messaging app Wechat afresh accustomed it had abeyant some accounts which are said to be affiliated to non-fungible tokens (NFTs). The abeyance of the accounts, according to a BBC report, is aimed at endlessly such blacklisted accounts from agreeable in NFT bazaar promotional activities that advice to drive up prices.

The targeting of NFT-promoting accounts by Wechat appears to advance that China, which currently does not accept specific regulations adjoin NFTs, is addition its crackdown on agenda assets that began in 2024.

As explained by multiple reports appear by News, Chinese authorities accept been anchor bottomward on bitcoin miners and cryptocurrency barter platforms back mid-2021. The crackdown is believed to accept affected some crypto miners and platforms to leave acreage China.

‘Rectified’ Public Accounts

While it is not bright if the crackdown has succeeded in absolutely endlessly Chinese citizens from trading or mining crypto, a BBC report suggests Chinese authorities are now acquisitive to add NFTs to the account of banned activities. The aforementioned address additionally broadcast on the reason, commendation an update from the Wechat aggregation which said:

Wechat additionally antiseptic that the activity taken adjoin the now “rectified” accounts was done in accordance with accordant civic regulations.

What are your thoughts on this story? Tell us what you anticipate in the comments area below.

Image Credits: Shutterstock, Pixabay, Wiki Commons