Chinese social media giant WeChat has unveiled new regulations demanding a ban on promoting money-making, high-yield financial fraud schemes, including cryptocurrencies. According to the report shared by journalist Colin Wu, noted the social media platform,
“To protect the legitimate rights and interests of financial consumers and prevent and manage the legal risks of financial marketing activities, in accordance with the “People’s Bank of China’s Implementation Measure for the Protection of the Rights and Interests of Financial Consumers”, the “Notice of Further Regulations on Financial Marketing and Publicity” and other relevant regulations, are the following formations:”
The Communication identified four financial management rules for illegal market content, namely:
- Ban on fraudulent financial Market Promotion: This rule discourages high-yield wealth management content, such as promoting abnormal high-yield wealth management products.
- Ban on False Financial Marketing: This noted that the content published by the official WeChat account should not express or imply the future effects and benefits of financial products or services or make a guaranteed commitment to the relevant situation, unless determined by the state.
- Ban on Deceptive Financial Marketing: The content published on the official WeChat account, including the review or submission process of financial products or services by the state council’s financial management department or local financial supervision departments, should not be used as a publicity stunt to trick consumers think that the government guarantees the service or products.
- It is forbidden to carry out financial marketing without qualifications: Finally, if an official account on the platform contains keywords related to financial matters or services, the applicant must have appropriate financial publicity qualifications and provide material that can prove legal business qualifications such as the business licenses, filing, documents , self-regulatory organization of the sector qualifications and other necessary documents.
While this has been the regulation due to the increasing encroachment of cryptocurrency on people’s wallets, WeChat has been a tool used by the government for heavy surveillance. a new Bloomberg report stressed the plight of citizens complaining about the lack of privacy on Chinese apps such as WeChat, which has a different police version.
WeChat helped its citizens bridge the gap between Chinese citizens and the rest of the world, from communicating with your social circle to keeping in touch with the world around them. However, when the Chinese government started cracking down on illegal activities and tracking citizens, it became a surveillance tool. This was visible when the banned all crypto services and content from the following platform: China‘s ban on virtual currencies.
It is earlier too a list of NFT accounts marked, and WeChat banned several accounts promoting and engaging in non-exchangeable token trading. At the time, WeChat noted that the operators were required to provide proof of collaboration with a blockchain company recognized by the Cyberspace Administration of China. Go to the current situation; nothing has changed but is structured to keep netizens away from cryptocurrencies.