WeChat, with more than 1.1 billion daily users, has announced new digital content management guidelines on Monday. In terms of section 3.24 of the amended Code of Conduct, any account that participates in the issuance, transaction, or financing of any tangible amount of money will face the consequences. Certain activities will be restricted to the specified accounts, which may be permanently blocked.
Profiles that provide second trade for NFTs will also be dealt with in accordance with the amended rules, subject to the changed rules. WeChat reportedly blocked the official “NFTea Digital Tea Ticket” account for failing to comply with the rules. The profile was found to perform secondary functions in digital collections created by users.
WeChat had previously blocked a large number of NFT-related accounts. The decision was made due to increased Chinese government surveillance. The application stated, however, that the decision was made to avoid speculative trading of risky digital assets. WeChat also sent notifications to select NFT platforms, encouraging them to register for education certificates in order to continue using the network.
Forbidden account accounts must submit a certificate of partnership with the blockchain business. The Chinese Cyberspace Administration must register and authorise a blockchain organisation.
The Chinese government has strongly opposed the country’s Virtual Digital Assets. It has already banned the use of cryptocurrencies and their mining. Chinese financial and security organisations initiated a programme in April to mitigate the dangers associated with digital assets. It was suggested that the NFT market might warm up in the future, and that there are certain hidden risks associated with it, such as money laundering and speculation.
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