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Benzinga
Benzinga
Politics
Anusuya Lahiri

Tencent's WeChat Suspends NFT Accounts To Appease Chinese Regulators

Tencent WeChat China TCEHY Alibaba CNBC Tencent Holdings Ltd
  • Tencent Holdings Ltd's (OTC:TCEHY) WeChat messaging app suspended some non-fungible token accounts to comply with China's regulatory bindings, CNBC reports.
  • Tencent also rectified the public accounts on WeChat to prevent speculation risks in digital currency transactions.
  • WeChat clarified that the official accounts verified by Tencent can display digital collectibles but cannot offer secondary sales. 
  • Also Read: After Alibaba, Tencent Could Attract Regulatory Penalty, Tencent Caught In Regulatory Turmoil Like Jack Ma's Ant Group
  • The accounts would have to provide a certificate to show they are registered and approved by China's cyberspace regulator.
  • Tencent said WeChat mini-programs could only display NFTs. 
  • NFTs are based on a blockchain platform, mainly Ethereum, with people paying for the tokens in cryptocurrencies.
  • However, people pay China's NFTs with the Chinese yuan.
  • China's NFTs are built on other blockchains that the regulators oversee. China has also restricted the secondary trading of NFTs.
  • Price Action: TCEHY shares traded lower by 3.28% at $46.75 on the last check Thursday.
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