Beijing Crypto Activities Ban Takes Effect
China has imposed an official ban on crypto-based commercial activities. Initially, the Asian giant had issued a non-effective ban on crypto tradings.
The ban notice comes after the closure of a number of news publications focusing on cryptos on WeChat. Already, eight outlets have shut down their accounts.
According to WeChat, the platforms have not adhered to the latest guidelines issued by government agencies. At the beginning of this month, authorities launched short-term guidelines on managing instant management applications.
The shut was confirmed by Tencent which owns WeChat. The firm noted that the closure cannot be reversed. The company said affected outlets might be circulating information on cryptos exchange.
Content creators utilizing chat application will now be required to adhere to public and national interests. The new regulations also affect outlets on real-time messaging platforms. Service providers will now be required to take action against individuals who violate the laid down guidelines.
In 2017, China introduced strict measures on crypto exchange platforms. However, despite the strict environment, news outlets with a focus on blockchain thrived receiving millions of views on a daily basis.
In January, the People Daily published a report alleging that market manipulation was largely controlled by the media. The publication is considered as a mouthpiece for the state.