[Blockchain Today Correspondent Kim So-yeon] Chinese social media giant WeChat has deleted some accounts on its digital collectibles platform for violating policies related to illegal transactions, Cointelegraph reported on the 21st (local time).
According to the report, another Chinese giant, Ant Group and Tencent, changed the contents of the user agreements of their NFT platforms to crack down on their own. This is said to have been implemented by large Chinese social media and internet companies out of fear of government crackdowns.
Earlier, Chinese tech giants began to refer to NFTs as ‘digital collectibles’ since last year. The name change was interpreted as an attempt to avoid friction with the Chinese authorities, which impose strict regulations on cryptocurrencies.
According to local news in China, WeChat removed the digital collectibles platform Xihu No. ) is prohibited.
WhaleTan, an affiliated digital collection platform of Ant Group, also prepared a ‘rules of punishment for users who violate regulations’ to ‘strengthen penalties for over-the-counter transactions of digital collections’.
However, according to Cointelegraph, although NFTs are not necessarily banned in China, NFT-derived tokens and all forms of speculative trading associated with them are still prohibited.
The move of some Chinese technology giants was taken due to the growing popularity of digital collectibles in China and an increase in the number of illegal transactions and bot purchases on related platforms. told
contact@blockcast.cc
