While China has been a ‘crypto hub’ for the better part of a decade, a recent set of announcements seems to show that the local government has changed its stance to be aversive to any operations related to crypto.
The South China Morning Post (SCMP), a Hong Kong-based news outlet, recently reported that China has cracked down on an array of blockchain and cryptocurrency-related news accounts on WeChat, one of Asia’s most popular mobile applications. According to local media, at least eight crypto-centric news outlets were banned in this move, with some accounts even raising millions of capital for their services.
Although this crackdown has been widely attributed to recently-established regulations from the Cyberspace Administration of China, Tencent, the technology giant behind the WeChat app, issued a statement on the matter. Tencent wrote that the primary reason for the ban was the government’s suspicions of “publishing information related to initial coin offerings (ICOs).” The firm, which is also one of the most valuable companies in the world, also noted that content providers on the platform are adherent to “national interests” and “public orders.”
https://dictoms.com/chinese-government-cracks-down-on-crypto-related-wechat-accounts/
