According to Chinese media, the social media platform WeChat has prohibited the trading of non-fungible tokens. The accounts at issue are mostly from small and medium-sized NFT exchanges. Because cryptocurrencies are illegal in China, most NFTs transactions are conducted in the Chinese Yuan.
According to Global Times, the Chinese official tabloid media connected with the People’s Daily, WeChat, the dominant mega app with over 1.2 billion users in China, has blocked over 10 accounts suspected of NFTs trading.
According to the Global Times, the Chinese state tabloid media affiliated with the People’s Daily, WeChat, the monopolistic super app with over 1.2 billion users in China, has banned over ten accounts implicated in NFTs trading.
WeChat said that public accounts that allow main NFTs trading must give proof of cooperation with blockchain enterprises registered with the Chinese Cyberspace Administration. The platform’s mini-programs exclusively support digital collectibles as “gifts in the primary market” and as part of digital exhibitions.
WeChat, stepping up its enforcement in line with the Chinese government’s aggressive stance, claimed, “If any bypass or counter moves are detected, the accounts may be banned or removed based on the extent of the violation.”
Unlike bitcoin trading and mining, which are explicitly prohibited in China, NFTs remain a rather gray sector with unclear restrictions. In China, these assets are known as digital collectibles, and they are growing popular among young people.