China Bans All Commercial Crypto-Related Activities
China has made the ban official. China’s most popular messaging app, WeChat, has been asked to shut down the accounts of several blockchain and crypto-related news outlets as new regulations are enforced.
It’s official now, China has banned all commercial crypto currency-related activities. The latest tweet by Dovey Wan — the Managing Director of Dhanua Capital, a California-based venture capital fund — makes this fact evident. The Chinese government authorities have released an official order asking to ban all the cryptocurrency-related commercial activities and events.
The new China crypto BAN is now official … @coindesk @Cointelegraph @MessariCrypto
Shutdown is Part of New Regulations
By Tuesday evening, about eight cryptocurrency-focused news outlets closed their official WeChat accounts. The reason is said that the news channels have been violating the newly issued guidelines by China’s top internet watchdog, the Cyberspace Administration of China. Some of the popular news outlets include Lanjiner, Jinse, Huobi, and Deepchain.
On August 7, the Cyberspace Administration of China introduced the “Temporary Regulations on the Development and Management of Public Information Services for Instant Messaging Tools” guidelines — the reason for this new crackdown on popular communication networks.
The shutdown of these accounts by Tencent, the parent company of WeChat, said that the shutdown of these accounts are permanent as the crypto outlets “suspected of publishing information related to ICOs [initial coin offerings] and speculations on cryptocurrency trading.”
The new rules also ask the content providers using chat apps to comply with the ‘public orders’ and ‘national interests.’ It also states the following,
Users of instant messaging tools serving in public information service activities shall abide by relevant laws and regulations. For instant messaging service users who violate the agreement, the instant messaging service provider shall take measures such as warning, restriction, suspension, and closure until the account is closed, and save the relevant records and fulfill the obligation to report to the relevant competent authority.
Despite a crackdown on crypto-trading and exchange operations last year, Chinese blockchain news outlets have been gaining in popularity, with millions of daily viewers from China. Some of the news platforms also received massive venture capital funding to expand its operations, though remaining under close examination of the Chinese government.
Can the Chinese government really ban all Cryptocurrency related news outlets and other activities? Share your thoughts in the comments!