WeChat Bans Accounts That Discuss Digital Currency
China has issued a new law deeming any ICOs promotional content, or any private dealings with cryptocurrency illegal.
In accordance with the law, WeChat which is one of the biggest known messaging applications, and the largest messaging platform in China has banned and deactivated accounts that were focused on producing content that is cryptocurrency-related.
Tencent, the multinational Chinese firm behind the app enjoy serving over one billion users per month. The application has too many services other than interacting with social circles and is ranked among the top applications worldwide by Forbes.
When the new law was issued in September 2017, businesses had to cease all their activities in relation with the now called “Illegal Tokens” and many businesses had to completely shut down. On top of that, the cyberspace and telecom departments in China closed down all the related websites and mobile platforms to diminish any content related to cryptocurrency on the web. The law was issued by the PBoC (People’s Bank of China).
All the licensed firms had their license taken away from them, along with their ability to improve their business and investments. The bigger projects, though, we're lucky enough for their ability to change their base to a different country. Top exchange platforms like BTCC, Huobi, and OKEx had to move their assets to different countries.
In addition, countermeasures are now taken against social media influencers. Which means that a person with a set number of followers or readers, as having the ability to become an influencer, will have to abide by certain rules regarding what they publish on their platform, even if they are not related to any business or political field.
As for those who do not abide, they are at risk of having their user account suspended, or in some cases, banning them from using social media platforms by law. This has, in fact, happened before when a social media account that has shed previously shed light on some of China’s human abuses was banned and had their content removed.