Chinese Messaging App Wechat Reportedly Suspends Accounts Linked to NFTs – Metaverse Bitcoin News

Wechat, a Chinese messaging app has reported that accounts linked to non-fungible tokens have been suspended. This crackdown was intended to prevent the promotion of NFTs by the accounts affected.

Widening Crackdown On Digital Assets

Wechat in China recently confirmed that some accounts were linked to non-fungible tokens (NFTs). According to BBC reports, the suspension is meant to stop blacklisted accounts engaging in NFT-market promotional activities which can drive up prices.

Wechat’s targeting of NFT-promoting accounts seems to indicate that China has increased its crackdown against digital assets. This is in addition to the fact that China does not currently have any regulations for NFTs. It began this process in 2021.

Multiple reports by Bitcoin.com News have revealed that Chinese authorities have been cracking down since mid-2021 on cryptocurrency exchange platforms and bitcoin miners. Some platforms and crypto miners have been forced to flee China as a result of the crackdown.

‘Rectified’ Public Accounts

Although it’s not certain if this crackdown succeeded in stopping all Chinese citizens trading and mining crypto, a BBC Report suggests that Chinese authorities want to include NFTs on the banned list. According to the Wechat team, the same report expanded upon the reasons.

[Wechat]Recently, has standardized and rectified public account and small programs of speculation and secondary sale of digital collection.

Wechat also clarified that the action taken against the now “rectified” accounts was done in accordance with relevant national regulations.

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Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.