Thundering Upon The Crypto Community, China Orders Content Removal From WeChat

Aug 22, 2018 at 19:45 Update Date :Aug 22, 2018 at 19:45 UTC

The famous social networking application that is also the heart of original content production, WeChat, has apparently put a seal on a handful of its official accounts that were closely related to the blockchain technology. The event comes as a following to the sincere demands of various regulators of the internet.

The agency handling the social networking platform, Tencent, was requested to shut these accounts permanently. The step owes its initiation to the rumours and published news relating to the violations of the “Interim Provisions on the Development of Public Information Services for Instant Messaging Tools”, by some ICOs and Crypto Trading Platforms.

As per the reports, the sealed accounts primarily included Golden Finance (金色财经), Huobi News (火币资讯), Coin World (币世界), and DeepChain Finance (深链财经). Out of them, the first three accounts are associated with the world’s third-largest crypto exchange platform, Huobi.

In the month of September last year, the country opted strict regulations on matters relating to the crypto industry. Consequently, China’s Central Bank put an embargo on all ICOs. Also, a number of China’s top crypto trade platforms had to shift their central operations’ chamber away from the country.

The month of October was then marked by Huobi shifting its headquarters from Beijing and re-establishing it in Singapore. Similarly, the world’s second largest crypto exchange platform, OKEx, is giving due considerations to the idea of switching its current Hong Kong headquarters to Europe.

Serving as the Chinese Capital, Beijing also maintains a strict stance towards crypto tokens or the concept of digital currency. It, however, is inclining towards the adoption of the blockchain technology, which is nothing, but the basic building block of cryptocurrencies.

In Fact, the adoption might already be conceived as ‘in-processing’. Last year itself, the country applied for as much as 225 blockchain patents. Hard to believe, the number was two and a half times more than what the United States had applied for i.e. 91.

In addition to these efforts, the country’s government also undertook, to establish a nationwide set of standards for the blockchain technology. Later, various other local governments joint hands together and began to set up blockchain based industrial parks or their own blockchain venture funds.

As a result, two legally distinct communities came into existence. One, was the blockchain community or the “lianquan” (链圈) and the other, the crypto community or the “biquan” (币圈).

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