CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$21,467.00
  • ethereum
    ETH$1,240.79
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Crypto Fund
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Chinese Social Media Giant Blocks Accounts Associated With NFTs Trading

    Chinese Social Media Giant Blocks Accounts Associated With NFTs Trading

    Author: Jordan Lyanchev

    Last Updated Mar 31, 2022 @ 07:07

    Chinese reports informed that the social media behemoth – WeChat – has banned trading with non-fungible tokens.

    Accounts involved are associated with mostly small and medium-sized NFT exchanges. Due to the all-sweeping ban on cryptocurrency in China, most NFTs trading is completed via the Chinese Yuan.

    Bitcoin Is Done, How About NFTs?

    WeChat, the monopolistic super app that has over 1.2 billion users in China, has banned over ten accounts implicated in NFTs trading, reported by Global Times – the Chinese state tabloid media affiliated with the People’s Daily.

    WeChat said on Wednesday the move was to deter speculation by user accounts and mini-programs as well as to prevent risks associated with cryptocurrency trading. The social media giant also emphasized that second-hand NFTs trading is not permitted on the platform.

    Public accounts that support primary NFTs trading shall provide proof of cooperation with blockchain firms recorded by the Cyberspace Administration of China, WeChat added. Mini-programs on the platform only support digital collectibles as “gifts within the primary market” and as part of digital exhibitions.

    WeChat, doubling down its enforcement in accordance with the hawkish attitude adopted by the Chinese government, stated, “If any bypass or counter moves are detected, the accounts may be banned or removed based on the extent of the violation.”

    ADVERTISEMENT

    Unlike bitcoin trading and mining, clearly banned in China, NFTs are still a relatively gray area with unclarified rules. These assets, known as digital collectibles in China, are gaining popularity among young people.

    China Built its NFT industry Unrelated to Crypto

    As reported previously by CryptoPotato back in January, China was ready to launch its own NFT marketplace with non-fungible tokens based on Distributed Digital Certificate (DDC) standard instead of dealing with cryptocurrencies.

    The NFT platform, dubbed BSN-Distributed Digital Certificate (BSN-DDC), would reportedly integrate with ten chains, including Fisco Bcos, initiated by WeBank. Clients can only settle NFT transactions via Chinese Yuan.

    Back in December, the Chinese state news agency Xinhua issued the first-ever digital collectibles, a total of 110,001 copies of unique photographs from 11 collections.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • China
      China to Build Its Own NFT Industry Not Related to Crypto
    • China
      Chinese Supreme Court Threatens Jailtime to Those who Fundraise With Crypto
    • neo_china_cover
      Neo to Work With China's Blockchain Service Network on a Permissioned Chain and NFT Adoption
    Tags: China Non-Fungible Token (NFT)
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

  • bitcoin
    BTC$21,467.00
  • ethereum
    ETH$1,240.79
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    Over 33% of NFT Volume is Wash Trading: bitsCrunch CEO Interview

    Over 33% of NFT Volume is Wash Trading: bitsCrunch CEO Interview

    What’s Going on With Celsius Network and Why Is It a Huge Risk for Crypto (Opinion)

    What’s Going on With Celsius Network and Why Is It a Huge Risk for Crypto (Opinion)

    Institutions Are Definitely Here: ConsenSys’ Harriet Browning (Interview)

    Institutions Are Definitely Here: ConsenSys’ Harriet Browning (Interview)

    Binance Visa Card Guide: Read Before You Order

    Binance Visa Card Guide: Read Before You Order

    Bitstamp CEO JB Graftieaux: We Are Still Early (Interview)

    Bitstamp CEO JB Graftieaux: We Are Still Early (Interview)

    Okay Bears NFT Collection: The Complete Guide

    Okay Bears NFT Collection: The Complete Guide

    Our Ambition is to Become the Amazon of Crypto: Interview with Coinbase’s Guillaume Chatain

    Our Ambition is to Become the Amazon of Crypto: Interview with Coinbase’s Guillaume Chatain

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!