Wechat tag violation rule on cryptocurrency accounts

[Accardo]

Its sad, daily information that appears online about cryptocurrency these bearish days are bad news. Recently, the Chinese most used social media with 1.1billion daily active users banned all accounts with cryptocurrency activities. Is it a way for China to execute their ban on cryptocurrency? The rule forbids public accounts on the platform used to finance, trade crypto and nfts etc, and, such activity tagged as an "illegal business operation" does this pose a threat? as social media is another strong tool that helps the dissemination of cryptocurrency projects or businesses online. Other accounts caught up in the noose are those, that carry out exchange business between digital and fiat currencies or between cryptocurrencies, those that provide pricing services for cryptocurrency transaction and many others.


https://finbold.com/chinese-messaging-app-wechat-bans-accounts-involved-in-crypto/

[NeuroticFish]

Its sad, daily information that appears online about cryptocurrency these bearish days are bad news. Recently, the Chinese most used social media with 1.1billion daily active users banned all accounts with cryptocurrency activities. Is it a way for China to execute their ban on cryptocurrency? The rule forbids public accounts on the platform used to finance, trade crypto and nfts etc, and, such activity tagged as an "illegal business operation" does this pose a threat? as social media is another strong tool that helps the dissemination of cryptocurrency projects or businesses online. Other accounts caught up in the noose are those, that carry out exchange business between digital and fiat currencies or between cryptocurrencies, those that provide pricing services for cryptocurrency transaction and many others.

https://finbold.com/chinese-messaging-app-wechat-bans-accounts-involved-in-crypto/

I've just read somewhere else that China expanding greatly the censoring over the online comments / social media. And since they're officially against Bitcoin and cryptocurrencies, it's not so much of an unexpected move. Even more, if the accounts are involved in trading crypto or promoting the trading of crypto (which are illegal there) what would you expect?!

Again, nothing unexpected, sorry.
And no, it's not related at all to "these bearish days".

[Asiska02]

The Chinese government are so strict with cryptocurrency in all. They don’t want anything to do with that in anyway. If trying to avoid government regulations on cryptocurrency can’t lead to such penalty, it should rather be stopped by such users. Maybe if taxes are being allocated to using them, they should do well by paying such taxes.

[edgycorner]

This isn't new tho, Wechat has always been strict about crypto.
They would frequently ban accounts that are "publicly" involved in crypto trading on their platform.
This will change nothing and will have zero impact on the market.

Just search "wechat bitcoin", and you will know what I mean. There are articles spanning from 2018 about such bans.

[Jawhead999]

Lol, I don't think China really tracking the whole conversations of their clients, I believe there's someone who reported the chat and since government don't like crypto related activities, then WeChat have to make decision to restrict or banned the accounts.

The weird thing is, they're against crypto but they're create their own crypto and didn't against it, even more they're promote it to their citizens They're not against crypto, but they're against their rival.

[avikz]

Lol, I don't think China really tracking the whole conversations of their clients, I believe there's someone who reported the chat and since government don't like crypto related activities, then WeChat have to make decision to restrict or banned the accounts.

If you had slightest idea of how Chinese Authoritarian government functions, you wouldn't have said that! Chinese government can very well do that. Wechat can't make decisions here, they can just follow orders.

The weird thing is, they're against crypto but they're create their own crypto and didn't against it, even more they're promote it to their citizens They're not against crypto, but they're against their rival.

China is not creating their own crypto. They have created a digital version of Yuan which is a fiat currency. CBDC is very different than cryptos. Do a little research. Information is available for free in Google!

[coupable]

In a country like China, it is not surprising that such restrictions are imposed through centralized applications backed by the state itself. But the question that arises is how the state can track the profiles that support crypto if they are not able to publish publicly, and this is what most of us exclude.
I mean, if I publish an article talking about cryptocurrencies, does this mean that I support it? And is there a possibility that the state is spying on the private conversations of users of the application? Everything is possible with a strict dictatorial regime like the one in China.

[KaliLinux]

What else is new with China's bad reaction to Bitcoin and everything cryptocurrency. The Ban on Bitcoin miners I would say was the height and we have already gone past the effect of that on the Bitcoin price so I don't really think this will do any damage that what the mining Ban couldn't do and the general crypto bear market has been in effect for a while now so I don't also see this putting additional pressure on it. 

[noorman0]

Not surprising at all, they were just more serious in this battle. That's one of their efforts to fight and limit the financial system that is not their version.

In a country like China, it is not surprising that such restrictions are imposed through centralized applications backed by the state itself. But the question that arises is how the state can track the profiles that support crypto if they are not able to publish publicly, and this is what most of us exclude.
I mean, if I publish an article talking about cryptocurrencies, does this mean that I support it? And is there a possibility that the state is spying on the private conversations of users of the application? Everything is possible with a strict dictatorial regime like the one in China.

While Chinese people are only allowed to use Chinese-made social media apps, such filtering seems easier because app developers are within the reach and control of the government.  And as is well known, China has abundant human resources capable of competing with anything new by duplicating into their versions, including applications and electronic devices. That is nothing but, so that the government can fully control it.

[Jemzx00]

Being one of the main country that is against cryptocurrency especially with bitcoin, these kind of news are kinda expected from them. WeChat is one of main social media platform where users especially the citizen of China, use for transaction. With this banning and strict protocol they've made to restrict users on using crypto, it will totally affect holders from China however they may just find other ways to do transaction on other platform instead as communication has been cutted off. Anyways, they've already banned cryptocurrency on their country yet it's people are still continuously using it.

[buwaytress]

I happen to know at least since 2017 people still doing crypto business communications if not direct p2p selling/buying on Wechat. 5 years, no interruptions, so nope.

It's just what Chinese use. And there are ways to maintain secrecy so some channels are still alive at this very moment (you can only join a group with an invite, and it's limited, so no bots or strangers in them unless deliberate). Where do you think regular Chinese Joe buys Bitcoin from when you can't use exchanges or localbitcoins?

And in Korea? Kakaotalk.

The bans aren't FUD, they're actually probably more helpful in clamping down on shitcoins and ICOs. People really interested in crypto don't need to see that crap.

[Rruchi man]

Wechat can't make decisions here, they can just follow orders.

Exactly, regardless of the opinion of the owners of WeCHAT, they are bound to whatever the government decides if they must continue to function. And judging that they are the biggest  and most popular chinese social media platform, they will be the first the government turns their eye to before other Chinese social platforms like Weibo, Little Red Book, Douyin, Kuaishou etc The management of Wechat will certainly not be happy closing accounts of their users. The question i have to ask is, since we know the Chinese government can be thorough when they need to, can their actions be sufficient to completely discourage use of crypto in the country?

[tomahawk9]

Wtf? What is this 2017? i thought we were past this, the China FUD and nonsense anti-crypto stories. Prices drop, bear market in full swing and these articles return, like clockwork   Good thing nowadays the market is immutable to this FUD, china crypto ban #49857465 and no major price swings (:  years ago this woulda been a 10% drop