China Continues Attack on Crypto, Bans Media Accounts from WeChat

According to South China Morning Post, no less than eight blockchain and cryptocurrency-centric online media outlets were removed from the platform yesterday after violating newly-implemented restrictions from Cyberspace Administration of China (CAC) — the country’s central Internet regulator, censor, oversight, and control agency. Among those outlets removed from WeChat were Jinse Caijing and Huobi News, the latter of which issued a statement calling the decision a “broad action targeting industrial media.”

‘National Interests’

Cryptocurrencies have long fallen outside the “national interests” of the People’s Republic of China, which banned local cryptocurrency exchanges and initial coin offerings in September 2017. The country’s government has optimistically adopted blockchain technology, however, while simultaneously attacking the open cryptocurrency market and making every effort to prevent its citizens from getting involved in cryptocurrency investment.

What’s Up With NEO?

The most prominent Chinese cryptocurrency is NEO (NEO), a blockchain platform and cryptocurrency designed to build a scalable network of decentralized applications which has, thus far, remain outwardly unaffected by China’s noteworthy anti-cryptocurrency stance. At the time of this writing, NEO is trading at $17.45 per coin — down from all-time highs approaching $197 in mid-January. This decline, however, has been largely in line with the rest of the market’s major players. Despite its prolonged period of selling, NEO — often likened to “The Ethereum of China” — is still considered by many to be one of the more promising blockchains in the market today. What do you think about WeChat’s removal of numerous blockchain and cryptocurrency-related media outlets from its platform? What are your opinions on the Cyberspace Administration of China’s guidelines? Be sure to let us know in the comments below!  [Disclaimer: This article should not be construed as financial advice from both BeInCrypto and the author.]