WeChat To Ban Accounts Dealing with Crytpo Trading
Besides social media, WeChat is a Chinese multi-purpose messaging and mobile payment app developed by Tencent. Following the update, those who continue proceeding crypto trading activities will see their account terminated – this rule will come into effect at the end of the month, on May 31.
The platform earlier in August 2018 reported that WeChat and one more payment platform Alipay are working with govt agencies to closely monitor crypto trading/other activities in the country. Nevertheless, parent company, Tencent then issued a new report of its three key measures to effectively monitor crypto activities –
- Prohibit users from using Wechat payment to make crypto transactions
- Real-time monitoring of daily transactions
- Risk assessment of any suspicious transactions
Nevertheless, the updated policy is likely a result of this measure which hinders merchants and users to deal with crypto transactions within the country. The update got the attention of CZ, CEO of the largest bitcoin exchange Binance who commented on Dovey Wan’s update, stating that ‘crypto is not a bad thing’. In his continuous tweet, he quoted his 2018’s tweet that hints ‘WeChat may probably reverse its decision’.
In his quoted tweet, he added
Nevertheless, concerning the stern crypto regulations in China, CZ talks ‘its probably not their own (WeChat) choice’.
Honestly, it would be hard to beat WeChat pay if they are relatively open. (The UX is good). But more and more restrictions are forced upon them (probably not their own choice). Go #crypto!
Do you think Chinese stubborn regulations prevent the country’s innovation and forced platforms like WeChat to leverage the emerging payments like cryptocurrency and tech like blockchain? Share your thoughts with us.