The future of blockchain in China is looking bleak. Not only has there been a blanket ban on ICO projects since september 2017, just recently, WeChat, one of China’s leading social media and messenger services owned by telecommunications giant Tencent has banned Chinese cryptocurrency media on their network. It seems that the cryptocurrency media accounts have been banned due to complaints from the users.
According to Coindesk, at press time, Jinse’s official WeChat account showed none of its previous article but instead showed a message explaining “Due to users’ complaints and after the platform’s examinations, the account is found to violate ‘Temporary Regulations on the Development and Management of Public Information Services for Instant Messaging Tools’ and all contents have been banned. The account has been prohibited for use.”. The same messages can also be seen on Deepchain, Huobi News and CoinDaily’s accounts respectively.
As reported by The South China Morning Post, Shenlian Cajjing was one of the media outlets that was banned. The group was established earlier this year by a group of Chinese veteran journalists is backed by prominent angel investors such as Dfund and Plum Ventures who have help raised almost $1.5 million in funding.
China-based finance news outlet, Lanjinger reports that around eight legitimate publications which focus directly on blockchain and cryptocurrency have been banned from the platform indefinitely. A among those affected are Jinse, which is backed by Node Capital, and Deepchain, a site supported by several token fund
This move from Wechat shows that media outlets reporting cryptocurrency and blockchain news with credibility are being silenced. It is also a reminder of the Chinese government’s stern stance on cryptocurrency and blockchain in China. It is going to be an uphill battle for cryptocurrency companies in China and it does not seem like it is going to stop soon.
News Sources: CoinDesk, The South China Morning Post, Lanjinger, CryptoDisrupt