China Crypto Bans Continues

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China pagoda with blockchain network

On the first day, their mouth is full of praise for blockchain. On the second, they are throwing stones at cryptocurrencies. China’s stance on blockchain and crypto is diametrically opposite. After series of crypto bans, the new one is aiming to hit the country’s crypto driver – mining. On the other hand, WeChat, China’s most popular social network with over 1 billion users blocked the official sales channel of the mining giant Bitmain. Currently, other Bitmain’s WeChat accounts are still active.

In the moment of writing this article, the Antminersale account was only showing rules violation notice. “Following users’ complaints, WeChat has reviewed and discovered that this account has been publishing and distributing information of relevant businesses it is involved in. They did it without having acquired authorized credentials or licenses.”

Beside Bitmain channel, WeChat block the accounts promoting crypto news such as Kuangresearch, Dianbichengjin, Fcoin Community, and Delphy.

During August, WeChat conducted a similar act by blocking accounts of well-known crypto news outlets including CoinDaily, Deepchain, and Huobi News. The accusations are that they are publishing and promoting crypto “hype”, which is in violation with regulations from 7 August.

Foundation for “healthy regulated” public information services

The National Internet Information Office presented regulation that will “further promote the healthy development of public information services on instant messaging platforms.”

The regulation will protect the legitimate rights of citizens, businesses and other organizations, and safeguard national security and public interests. These regulations apply to the public information service on instant communication platform within China. In this short, 10-article document, two of them are essential in this “ban-all-crypto-things” act.

Stated in article 4: “instant messaging providers engaged in public information service activities should obtain Internet news information service qualifications”. In addition, article 8 prescribed that users of instant messaging tools used for informing public shall abide all relevant regulations. They should warn the users violating these rules, and suspend or close their accounts. The instant messaging service provider will save the relevant records and report it to the relevant authority.

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