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WeChat Warns China Users Against Using the App to Trade Crypto and NFTs

Summary:

  • WeChat has actually cautioned users in China versus utilizing the app to trade cryptocurrencies and NFTs.
  • The caution restates China’s federal government regulation to prohibit crypto trading and mining within its borders.

The popular social networks platform WeChat has actually alerted its users in China versus utilizing the application to help with the trading of cryptocurrencies and NFTs

WeChat Account Found Trading Crypto and NFTs Will Have Limited Functions or Be Banned.

According to the group at WuBlockchain, WeChat upgraded its guidelines concerning public accounts ‘which are associated with the issuance, trading, and funding of crypto and NFTs’ and alerted that accounts performing such activities would have restricted function or be prohibited completely.

WeChat with more than 1.1 billion day-to-day active users in China, has actually upgraded its guidelines: WeChat public accounts which associated with the issuance, trading and funding of crypto and NFTs will be restricted function or prohibited. https://t.co/0I9oMrvFTp pic.twitter.com/mzclYjFZNg

— Wu Blockchain (@WuBlockchain) June 20, 2022

The notification by WeChat even more supplies the following descriptions of activities that will trigger accounts to get prohibited or have actually restricted performance.

  • The deal and exchange company in between virtual currency and genuine currency, virtual currency and virtual currency;-LRB-
  • Provide info intermediary and prices services for virtual currency deals;-LRB-
  • Token issuance funding and virtual currency derivatives trading.

WeChat Notice Reiterates China’s Government Ban on Crypto Trading and Mining.

WeChat’s caution remains in line with China’s Government regulation, released in May 2021, to punish Bitcoin mining and crypto trading activities within its areas.

A comparable regulation was provided in January 2018 with China’s federal government highlighting cash laundering, scams, and electrical power use as the primary factors for the restriction on crypto mining and trading activities at that time.

Bitcoin Miners Are Now Ranked 2nd Globally in Hash-rate.

However, in a May 2022 analysis, it was found that Bitcoin miners in mainland China had actually discovered methods to rejoin the BTC network in spite of the continuous restriction on such activities in the nation.

In addition, Bitcoin miners situated in mainland China and its areas now rank 2nd (211%) in the worldwide Bitcoin hashrate, as highlighted in the following chart thanks to the Cambridge Bitcoin Electricity Consumption Index. From the chart, it can be observed that mining in the United States tops the rest at 37.4% of the international Bitcoin hashrate.

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The renewal of Bitcoin hashrate from China (yellow). Source, https://ccaf.io/cbeci/mining_map

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