WeChat, the Chinese messaging service owned by Tencent, has blocked accounts that advocate Non-Fungible Tokens (NFTs) and undertake secondary transactions with them
WeChat Bans Numerous NFT Account
The Chinese messaging service owned by Tencent and used by 1.2 billion people, has blocked accounts that advocate non-fungible tokens (NFTs) and undertake secondary transactions with them.
Colin Wu, a China-based crypto journalist, and blogger gave the link to the announcement’s Chinese source.
Tencent’s current regulation addressing accounts that hype various digital assets and sell collections of tokens on WeChat has been widely publicized by the Chinese news site Sina.
Furthermore, secondary transactions of non-fungible tokens are prohibited on WeChat.
Tencent’s ban targets NFT speculation
According to the story, Tencent, a Chinese giant, plans to standardize and correct these accounts. Tencent and Alibaba had already established their own NFT platform, despite the Chinese government’s ban on NFTs while allowing “digital collectibles.”
Tencent’s decision on WeChat was prompted by national legislation aimed at preventing the development of speculation based on NFT and crypto transactions.
Official accounts with primary transactions
Official NFT accounts, on the other hand, can avoid being banned because they display collections of NFTs and provide primary transactions.
To do so, businesses must submit a paper certifying their partnership with a blockchain firm that has been registered and approved by China’s Cyberspace Administration.
Tencent plans to keep an eye on new trends in the NFT field, as well as applicable needs from local regulators, in the future. Tencent intends to improve and adapt its rules to reflect this.
WeChat banned accounts that handled cryptocurrency transactions or promoted initial coin offerings (ICOs) in 2019.
