China’s Social Media Platform WeChat Blocks NFT Accounts

Tencent’s messenger application WeChat with 1.2 billion users has started to massively block accounts that have been promoting NFTs or conducting secondary transactions. The source of this announcement was shared by Watcher.Guru on Twitter. JUST IN: 🇨🇳 China's largest social media platform, WeChat, is reportedly blocking accounts associated with #NFT trading. — Watcher.Guru (@WatcherGuru) March 31, 2022 Why Did WeChat Block NFT Accounts? WeChat is eager to avoid being involved in the risk of virtual currency trading speculations. This multipurpose Chinese application has decided to standardize and rectify accounts and programs that have been promoting the sale of digital assets. Supporting its decision, WeChat highlights that the team has been regularly observing the behavior of NFT digital transactions, however, there hasn’t been any proof of digital collections. Both small and medium-size NFT platforms have been affected due to this. How Can the Banned Accounts Access WeChat Again? The banned accounts should provide a certificate of cooperation which is required to be registered and approved by the Cyberspace Administration of China. WeChat also confirms that few accounts have been banned over suspicious activity such as fraud. China has always been a strong critic of digital assets such as cryptocurrencies and NFTs. In 2021, China was one of the countries listed amongst countries that have banned VDA and mining. That year...