WeChat bans crypto transactions in its payment channels

[alexcopper]

https://www.theblockcrypto.com/tiny/wechat-bans-crypto-transactions-in-its-payment-channels/

Did everyone hear about the recent statement released from WeChat regarding the ban of all crypto transactions? This would make sense seeing that it is a Chinese company and China has been pushing hard to regulate crypto.

What does this mean for crypto and WeChat? Will we see decentralized apps like Elixxir take its place?

[rijaljun]

WeChat is a under Chinese company right? So this is not a big deal on my opinion, China government gas a negative views on Bitcoin and this action is following government's law on banning almost everything related to crypto.

WeChat decision is just to make sure that the platform won't get banned by the government which will end up in losing their users (most of WeChat users are Chinese).

I'm not sure if this will have a negative impact on market but, this kind of bad news from China is nothing new to crypto.

[ivaf]

WeChat is a under Chinese company right? So this is not a big deal on my opinion, China government gas a negative views on Bitcoin and this action is following government's law on banning almost everything related to crypto.

...

I do not agree that it does not matter much. It has, even as it has! China is 1/6 of the world's population. And the restriction of such a market entails a great influence on the entire market as a whole. Remember, at least, China’s ban on participation in ICO. After that, we did not see multi-million fees in each project. Everything has become much more modest.

[ivan1975]

I think such news may have a negative impact on the crypto world.
Much more negative event, if China completely ban mining cryptocurrency.
The decision should be made soon.

[Woodie]

The best wechat could do to stay ahead of their competitors is find a way to fuse crypto into their platform and not going in with a ban hammer!

Being a big company, If it's an issue of legality they can easily find a good lawyer and establish base where crypto is welcome and will allow them to grow their user base, it's a  WIN-WIN for everyone..easy peasy.

[CryptoBry]

https://www.theblockcrypto.com/tiny/wechat-bans-crypto-transactions-in-its-payment-channels/

Did everyone hear about the recent statement released from WeChat regarding the ban of all crypto transactions? This would make sense seeing that it is a Chinese company and China has been pushing hard to regulate crypto.

What does this mean for crypto and WeChat? Will we see decentralized apps like Elixxir take its place?

This can be expected since the Chinese government seems to be dead serious in flushing out the use of any cryptocurrency within the boundary and influence of its power. Firms basing within China have no choice but to bow their heads to the government's wielding influence as going against can mean going to the cemetery. Now, will this have any direct on the market? So far there is no such thing but we don't know the long-term effect unless there can be a replacement on the horizon. Anyway, I am confident that even if we totally lost the Chinese market, cryptocurrency is here to stay and can even boom better and stronger.

[Akpuv]

https://www.theblockcrypto.com/tiny/wechat-bans-crypto-transactions-in-its-payment-channels/

Did everyone hear about the recent statement released from WeChat regarding the ban of all crypto transactions? This would make sense seeing that it is a Chinese company and China has been pushing hard to regulate crypto.

What does this mean for crypto and WeChat? Will we see decentralized apps like Elixxir take its place?

This is not going to impact cryptocurrency in anyway. Wechat is more localized in China. It is not yet a popular app that can shake the entire crypto community if it decides to ban cryptocurrency transactions.

[studio1one]

That just sucks. In the world where crypto is being adopted (slowly) there are still some companies that are still banning crypto.

But isn't WeChat a Chinese company's app and crypto is already banned over there?

[jdarren]

I agree I think this is a massive impact on the crypto community until something can match the impact WeChat has made

[niisarearning]

WeChat is a under Chinese company right? So this is not a big deal on my opinion, China government gas a negative views on Bitcoin and this action is following government's law on banning almost everything related to crypto.

WeChat decision is just to make sure that the platform won't get banned by the government which will end up in losing their users (most of WeChat users are Chinese).

I'm not sure if this will have a negative impact on market but, this kind of bad news from China is nothing new to crypto.

China is doing all the possibilities to create one more huge dump and buy cheap coins and sell it for huge . Last time exchange ban and other events we seen . After crypto price how it increase we witnessed.

[Lakai01]

China is doing all the possibilities to create one more huge dump and buy cheap coins and sell it for huge . Last time exchange ban and other events we seen . After crypto price how it increase we witnessed.

Chinas impact on the market is too less already. Such news dont shock the markets anymore, they wont trigger massive sells. Additionally, such news only affect the chinese market which is in general shrinking due to the 2017s bans etc.

[Mighty_crypt]

Since wechat is from China it won't have a negative impact on bitcoin price at all ,and this doesn't mean that crypto is banned in China for good ,ICO is banned there not crypto as per my investigation ,I hope a new project will take wechat place very soon ,like elixxir or hypnoxys project

[batang_bitcoin]

Not everyone uses WeChat and if they are banning crypto transactions, so what? it's their decision and no one can stop them from doing that. From what I've heard about the rumors, aren't they going to create their own crypto too? And with this move, they are trying to eliminate competition on their own platform by doing this. Elixxir isn't really getting the attention from the community, I respect David and I'm a fan of him but that's the reality.

[Alpinat]

Since wechat is from China it won't have a negative impact on bitcoin price at all ,and this doesn't mean that crypto is banned in China for good ,ICO is banned there not crypto as per my investigation ,I hope a new project will take wechat place very soon ,like elixxir or hypnoxys project

Yes china don't really like crypto and wechat is created in their country so that's why they banned it but not all of the channels. It is just humor that all cryptocurrencies are banned in China , there are still some of the cryptocurrency right now that still circulating in china.

[Gemliting]

WEchat is chinese messenger app and the Chinese government block all transaction related on crypto so there is no big deal 

[Bitcotalk]

https://www.theblockcrypto.com/tiny/wechat-bans-crypto-transactions-in-its-payment-channels/

Did everyone hear about the recent statement released from WeChat regarding the ban of all crypto transactions? This would make sense seeing that it is a Chinese company and China has been pushing hard to regulate crypto.

What does this mean for crypto and WeChat? Will we see decentralized apps like Elixxir take its place?

I am not really surprised about this news, the chinese government have been known for being against technologies that were not initiated by them, a lot of websites apart from crypto platforms have been banned in china, so it's no big deal if government ban the crypto payment on wechat, though I think it is temporary because one thing I know for sure that china might be a partaker of the economic crisis coming to the world in few years, and crypto will be the only hope to save the economy from crashing down totally.

[bitgolden]

https://www.theblockcrypto.com/tiny/wechat-bans-crypto-transactions-in-its-payment-channels/

Did everyone hear about the recent statement released from WeChat regarding the ban of all crypto transactions? This would make sense seeing that it is a Chinese company and China has been pushing hard to regulate crypto.

What does this mean for crypto and WeChat? Will we see decentralized apps like Elixxir take its place?

China really thinks they have the power to control cryptocurrency as they like but I guess this will be beyond their power, every step they take to work against cryptocurrency will end up having a negative effect on them, if they ban crypto activities n wechat, then they are indirectly giving opportunity to the ones who has accepted cryptocurrency and doing similar thing chance of becoming more popular.

I am sure they must have studied cryptocurrency carefully and would have seen it has threat to their governance, if not, I don’t know why they are taking these actions, at first it was the banning of cryptocurrency miners, and now they have expanded their ban to wechat crypto payment too.

[samcrypto]

WeChat is a under Chinese company right? So this is not a big deal on my opinion, China government gas a negative views on Bitcoin and this action is following government's law on banning almost everything related to crypto.

WeChat decision is just to make sure that the platform won't get banned by the government which will end up in losing their users (most of WeChat users are Chinese).

I'm not sure if this will have a negative impact on market but, this kind of bad news from China is nothing new to crypto.

WeChat is a good company, but I think the Chinese government are really influential and they have no choice but also to ban crypto transactions or else there will no users that will stay with them or they will get the punishment from the government. Yes, this is not new to Chinese crypto but its just sad because they are trying to regulate cryptocurrency in not a good way. This kind of news can affect the market, but its just a minimal effect in short term I think.

[alexcopper]

This sounds like a scary foreshadow of Facebook becoming this centralized power monger and making sure that their system works better than anyone elses even in the case of owning peoples personal data.

I vote for any other decentralized platform that can take down all the above

[Psynthax]

That just sucks. In the world where crypto is being adopted (slowly) there are still some companies that are still banning crypto.

But isn't WeChat a Chinese company's app and crypto is already banned over there?

Wechat owned by Tencent and that's not a big surprise if that company at the end of the story has decided to ban crypto. But it doesn't matter a lot and none use we chat to create any crypto transaction or crypto related activities. I don't care so much about that because china and its company around there are the FUDders since the beginning of crypto itself.
That will always do that.