One of the world’s worthwhile apps by Forbes WeChat- a Chinese multi-purpose messaging, internet marketing and mobile payment app platform brought to life by Tencent in 2011. By 2019 it has become one of the world’s largest standalone mobile apps by over 1 billion monthly active users due to wide range of functions and platforms. Together with China, it is additionally the most popular messaging app in Bhutan.
In an innovative clampdown on cryptocurrency-related activities after, 2019, the blanket Ban on ICO’s and cryptocurrencies due health of their unregulated nature together with the scams connected to them, China has blocked some blockchain-related news accounts on WeChat.
Reported from a local news portal Lanjinger “because of users complaints and reviews through this platform, many experts have found that the account violates Temporary Regulations on Development and Control over Public Information Service for immediate Messaging Tools from CAC (Cyberspace Administration of China) and all of contents happen to be blocked and also the use of account was permanently prohibited.”
In May WeChat had banned a third-party blockchain app which allowed users to form contract agreements as well as a unique social bookmarking ID using blockchain to be sure of the authenticity and longevity of their identities and content.
As per the report, WeChat official mentioned that formal orders had been given to block the whole set of content and permanently block the suspected public accounts that are involved in publishing ICO and crypto trading activities.
A non-compliance with national interests and public orders.
Few from the leading cryptocurrency platforms of the us such as Jinse Caijing, Shenlian Caijing, Huobi News, CoinDaily, Deepchain are under this ban. Though, their sites and apps continues to active. The quantity of total sites blocked remains unconfirmed yet it is rumored that action has become more widespread.
The information offered on these accounts was crucial for blockchain enthusiasts and cryptocurrency investors have been looking to remain updated on blockchain projects and cryptocurrency price movements. These company’s leveraged WeChat’s large member list to reach over their own niche audience segment. Their revenue models included sponsored content about upcoming ICO projects.
Despite being non-supportive of ICOs and cryptocurrencies caused by stability and security issues, the land has been actively exploring blockchain technology to its implementation across various industries and operations for the progressive development.
Zheshang Bank, one of the several largest commercial banks of China, announced so it has finished a blockchain-powered issuance of securities worth $66 million, becoming the most important aspect institutions in the united states to utilize blockchain for this sort of issuance.
China Aerospace is reportedly making a blockchain invoice system to reinforce its existing electronic invoice system and let enhanced traceability and accuracy of records.
WeChat have been testing blockchain for inducing efficiency and accuracy in employee expense reimbursement.