Chinese App 'WeChat' Suspends Some NFT-Linked Accounts

Chinese messaging app WeChat has blocked accounts speculating on NFTs. These blockages have been produced based on the latest regulations of the country in technological aspects.

China's popular messaging app WeChat has suspended some accounts tied to non-fungible tokens (NFTs) to prevent speculation in digital assets. The platform says it has "rectified" accounts it discovered promoting NFT market speculation, which can help drive up prices.

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There are currently no specific regulations against NFTs in China. However, authorities banned cryptocurrency mining and trading last year. On Thursday, WeChat responded to local media reports that the accounts had been banned.

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The platform said it had " recently standardized and rectified public accounts and small programs for speculation and secondary sales of digital collections." It added that this was done "in accordance with the relevant national regulations, to avoid the risk of speculation in virtual currency transactions."

Chinese tech giant Tencent, which owns WeChat, declined to comment further when told by the BBC. The move comes as China's tech industry has come under intense scrutiny from authorities.

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