WeChat, a Chinese multi-purpose messaging, social media, and mobile payment app has announced that they will no longer be supporting cryptocurrency payments. The company has said that they do not support online gambling and selling pornography. Payments in cryptocurrency will no longer be available on the platform starting 31 May.
The company has warned that subscribers making payments in cryptocurrency will be banned from the platform as well. The updated policy also explicitly warns against any sharing or sale of pornography and online gambling.
Recently China banned all poker video games and had been strict about ensuring that no form of gambling is facilitated in the country. Gambling is strictly forbidden in mainland China. The ban included all poker or Mahjong related video games.
After the news broke on Twitter today, reactions came flooding. Binance, CEO, Changpeng Zhao clearly said that he believes the ban is forced upon the WeChat management.
“It is inconvenient for people short term, and they take a hit. But, long term, it is precisely this type of restriction of freedom that will push people to use crypto. Not a bad thing,” he said.
WeChat is one of the most popular social media and payment platform in China – often referred to as China’s Whattsapp. By the end of 2018, the WeChat platform had over 1.098 billion subscribers. The company records a turnover of 1 billion Yuan in daily transactions.
The new rules will apply from 31 May as mentioned in the latest and updated WeChat policy.