China to ban cryptocurrency advertising on social networks

WeChat, the most popular messaging and calling app in China, will ban any mention of cryptocurrency, including advertising of digital assets.

According to the company’s official website, WeChat representatives aim to «protect the rights and interests of citizens» by banning advertising of «fraudulent» virtual assets and cryptocurrency projects. However, it is not yet known what criteria will be used to determine the appropriateness and truthfulness of advertising. The platform will also not allow creating new accounts or using existing accounts with cryptocurrency and finance-related words in their names unless the company or person has a legal basis for doing so.

Earlier, WeChat removed all public accounts related to mining, trading, and investing in cryptocurrencies and NFTs. Any call to invest in digital assets will be considered an «illegal business transaction,» WeChat representatives said.

It seems that Chinese society has different views on the use of virtual assets and their future in general. For example, Chinese banks allow receiving a percentage of their assets in the central bank’s digital currency. And the CEO of Red Date Technology, which develops the largest Chinese blockchain, Blockchain Service Network (BSN), believes that all unregulated cryptocurrencies, including bitcoin, are Ponzi schemes based on market capitalization and the number of users. Also, according to a recent survey, most Chinese people are not ready to buy bitcoin and are cautious about the flagship cryptocurrency.