One of the world’s most powerful apps by Forbes WeChat- a Chinese multi-purpose messaging, social media and mobile payment app platform developed by Tencent in 2011. By 2018 it has become one of the world’s largest standalone mobile apps by over 1 billion monthly active users because of its wide range of functions and platforms. In addition to China, it is also the most popular messaging app in Bhutan.
In a fresh clampdown on cryptocurrency-related activities after, 2017, the blanket Ban on ICO’s and cryptocurrencies due of their unregulated nature and the scams associated with them, China has blocked some blockchain-related news accounts on WeChat.
Reported by a local news portal Lanjinger “because of users complaints and reviews through this platform, it has been found that the account violates Temporary Regulations on Development and Management of Public Information Service for Instant Messaging Tools issued by CAC (Cyberspace Administration of China) and all contents have been blocked and the use of account has been permanently prohibited.”
In May WeChat had banned a third-party blockchain app which allowed users to create contract agreements and a unique social media ID using blockchain to confirm the authenticity and reliability of their identities and content.
As per the report, WeChat official mentioned that formal orders had been given to block all the content and permanently block the suspected public accounts which are involved in publishing ICO and crypto trading activities.
A non-compliance with national interests and public orders.
Few of the leading cryptocurrency platforms of the country such as Jinse Caijing, Shenlian Caijing, Huobi News, CoinDaily, Deepchain are under this ban. Though, their sites and apps are still active. The number of total sites blocked remains unconfirmed but it is rumored that action has been more widespread.
The information offered on these accounts was crucial for blockchain enthusiasts and cryptocurrency investors who were looking to remain updated on blockchain projects and cryptocurrency price movements. These company’s leveraged WeChat’s large user base to reach out to their own niche audience segment. Their revenue models included sponsored content about upcoming ICO projects.
Despite being non-supportive of ICOs and cryptocurrencies due to stability and security issues, the country has been actively exploring blockchain technology for its implementation across various industries and processes for the progressive development.
Zheshang Bank, one of the largest commercial banks of China, announced that it has finished a blockchain-powered issuance of securities worth $66 million, becoming one of the first institutions in the country to utilize blockchain for such an issuance.
China Aerospace is reportedly developing a blockchain invoice system to augment its existing electronic invoice system and enable enhanced traceability and accuracy of records.
WeChat has been testing blockchain for inducing efficiency and accuracy in employee expense reimbursement.