China Blocks WeChat Accounts From Crypto Companies

The chinese government is blocking more and more accounts from crypto companies in the messaging app WeChat. It affects company accounts that offer news, market analyzes and information about Bitcoin miners. According to Tencent (the parent company of WeChat) says that the blocked channels and acconuts would violate “national interests” and “public instructions”. The most prominent victim is the mining giant Bitmain.

WeChat is the most popular messaging app in China. The main reason for the closures, according to an official representative of Tencent, is the suspicion that the blocked accounts could, publish information related to ICOs. These have been banned in China since the end of 2017. Among the blocked channels and accounts, at least eight message pages are cryptocurrencies and one account of the mining giant is bitmain. Which content led to the blocking of the channel, Tencent has not yet responded.

But the censorship was apparently not limited to the online world. For example, the Chinese government banned 17 hotels, shopping malls, and office buildings from hosting Bitcoin and Blockchain events or meetings.

Since September 2017:

The move fits into the overall picture of the Chinese attitude towards the bitcoin and blockchain world. While China has long been considered the Mecca of the cryptocurrencies, attracting miners from all over the world with cheap electricity prices and being considered an absolute crypto giant, the country is gradually depriving itself of this strength and is now one of the most crypto skeptical countries in the world.

The turnaround began when the government banned ICOs in 2017 and declared cryptocurrency trading illegal in November. Then in January 2018, mining was placed under strong regulations, with more and more mining companies turning to other countries. So it is no coincidence that Bitmain is driving the expansion of the business segment into the USA.