RATE Group | China’s crackdown leads WeChat to block cryptocurrency transaction on its platform- Tech…
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China’s crackdown leads WeChat to block cryptocurrency transaction on its platform- Tech…

03 Sep China’s crackdown leads WeChat to block cryptocurrency transaction on its platform- Tech…

Posted at 11:58h in Cryptocurrency News by

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The Chinese clampdown on cryptocurrency has led popular messaging app WeChat to block cryptocurrency transaction via its channel.

According to a report by the CCN, WeChat in a press statement announced that it will prohibit its users from receiving or paying money in the form of virtual currency. WeChat, as per the statement will not support digital currency in any form. Tencent has reportedly created a model which monitors and reports about any virtual currency transaction to the authorities.

WeChat. Reuters.

WeChat. Reuters.

The move came into action when WeChat tipped the Chinese cryptocurrency regulators about the promotions of the ongoing Initial Coin Offering project on its platform. In response to this, the Chinese Fintech Risk Rectification Office has these permanently banned these accounts.

Apart from Tencent, AliPay is already taking steps to block accounts who are using the platform to transact in virtual currency, especially Bitcoin.

China has already banned transactions…

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