WeChat Develops System to Report Cryptocurrency to Police

C2CX Exchange
Sep 4, 2018 · 2 min read

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

According to a report by CNN, WeChat in a press statement announced that it will forbid its users from receiving or paying money in the form of virtual currency.

Tencent has reportedly created a model which monitors and reports about any virtual currency transaction to the authorities.

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 permanently banned these accounts.

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

China has already banned transactions happening via the initial coin offering however, it is still onboard with the development of the blockchain technology. It is trying to curb any virtual currency exchange happening in the local market.

It has been a year since China banned virtual currency and in China it deemed illegal. In 2016–17, cryptocurrency was a booming market which led to an increase in the transaction of digital currencies such as Bitcoin, Ethereum, etc.

C2CX Exchange

Written by

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade