Business 22 August 2018

Dennis Wafula

China’s WeChat blocks crypto, blockchain-related accounts

WeChat has reportedly blocked blockchain and cryptocurrency-related accounts from its platform. According to local news outlets, the Chinese social media platform suspended these accounts because they had violated terms set out in the “Interim Provisions on the Development of Public Information Services for Instant Messaging Tools,” resulting in Chinese authorities ordering the social media company to block all content and permanently block the relevant accounts.

A WeChat official told Lanjinger that the accounts were suspected of publishing ICO and cryptocurrency information contrary to the set regulations. According to reports, the total number of blocked sites were unknown, including okenClub, Golden Finance, Firecoin Information, Cannon Rating, Daily Currency Reading, Coin World Express Service, Deep Chain Finance, and Wujie Block Chain. CoinDaily, whose official WeChat channel has more than 100,000 users as of June 2018, was also among the affected accounts.

WeChat has always tried to be on good terms with the authorities. In May, WeChat suspended a blockchain-based program, Xiao Xieyi, less than a day after its launch.

Xiao Xieyi would supposedly help encrypt user information on the platform by creating contract agreements and special social media IDs using blockchain technology, ensuring that not only users, but also the content are authentic and reliable. WeChat, however, suspended Xiao Xieyi because they were offering services not open to the WeChat platform.

The provisions, released on August 7, stated that the new regulations were to promote a healthy and orderly environment for public information services. The provisions also stated that industry organizations should play an active role in strengthening industry and self-discipline.

Since the beginning of this year, fraudulent activities in the cryptocurrency market have been on the rise, causing authorities around the world to tighten up things by setting up regulations to govern the market. Some social media platforms like Facebook and Twitter have already banned crypto-related ads on their platforms. This was aimed at preventing their users from falling victims to fraud.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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