Sunday, August 25, 2019

China Bans Crypto Outlets From WeChat Citing Law Violations

Cryptocurrencies have often been demonized by countries and its officer because they offer people the freedom to transact without the control and oversight from the state. Indeed, cryptocurrencies were born with the objective of sidestepping existing financial institution making them obsolete. This has angered some governments around the world, that have opted to ban these new assets and hide or obscure the existence of them to their citizens. This is the case of the government of China, that has ordered the company that owns WeChat that they should ban some cryptocurrency related publications from its platform due to law violations.

It is clear that the government of China has a hostile stance regarding cryptocurrencies: they have banned cryptocurrency trading altogether in their country and has been openly critical of cryptocurrencies. According to the article published by the online outlet Lajinger, the specific cause of the ban was that the referred outlets were publishing Initial Coin Offerings information, something that is against the Interim Provisions on the Development of Public Information Services for Instant Messaging Tools law.

Some outlets that have been suspended from the platform are Golden Finance, Firecoin Information, Cannon Rating, Coin World Express Service, Deep Chain Finance, Daily Currency Reading, TokenClub, and Wujie Block Chain. WeChat, owned by a multi-million company called Tencent, is one of the most popular messaging apps in mainland China being used by more than 1 billion active users monthly. It has also a great selection of news providers and a system capable of paying bills from the same app.

This action was taken when a trade war between the United States and China is being mentioned more and more on the news, and in a historic devaluation of the yuan in front of the dollar. It is unknown if the ban on the mentioned outlets will be temporary or permanent. The truth is that the Chinese government is tightening its grip on cryptocurrency restrictions and it seems that this situation will worsen over time.

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