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  • Writer's pictureMichael Paulyn

The App WeChat Looks to Permanently Ban All Crypto and NFT-Linked Accounts, Due to Updated Terms

The popular app used by millions in China and across the globe has announced that it plans to ban any accounts that are connected to cryptocurrencies and NFTs. The move comes after Tencent, WeChat's parent company, looks to update its terms of use by adding conditions that prevent users involved in the digital asset sector from using the communication application.

These updates state that any account "involves the issuance, transaction, and financing related to virtual currency, such as providing transaction entry, guidance, and issuance channel guidance."

The company shares that those accounts which conduct any:

"transaction and exchange business between virtual currency and real currency, virtual currency, and virtual currency; Provide information intermediary and pricing services for virtual currency transactions; Token issuance financing and virtual currency derivatives trading, and provide services or content related to the secondary transaction of digital collections."

Over the last several years, the Chinese government has been on a mission to eradicate any possibility of users having access to Bitcoin and any other type of cryptocurrency. The reality is that the government has been reasonably successful in taming and managing the cryptocurrency world, with no signs of letting up anytime soon.

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