As per the revision in its payments policy, the popular Chinese messaging application WeChat bans crypto trading on its platform. Following the new rule, merchants using the payment service will not take part in any direct or indirect activity related to cryptocurrencies. This new policy will be effective from 31st May 2019. It is applicable for registered merchants and corporate users of the messaging app.

If there is a detection of merchants trading with digital money on WeChat, a prompt ban will take place. This policy revision may affect over-the-counter (OTC) traders in China. These folks use WeChat Pay for the transaction of Chinese Yuan.

China is a major player when it comes to blockchain. Recently, first blockchain notary was launched in the country. Also, WeChat’s owner Tencent will develop blockchain medical tools. For this reason, the firm is teaming up with WaterDrop Insurance. However, this ban from WeChat is against cryptocurrency dealings. This has nothing to do with blockchain technology. Blockchain continues to thrive in the experimentation in its usage in the public domain.