There is more disturbing news for the sector of cryptocurrency from China. This recent news will drive a severe blow to the crypto activity as far as China is concerned. According to the recent news, it has been found that the mobile payment giants of the country have banned any transactions which are related to virtual currencies. It can be believed that just like several other countries, China is also tightening its regulation policies following some major scams in the country. Alipay and the administration of WeChat will now monitor the activities of cryptocurrency sector.
Not only will the major mobile payment giants regulate the virtual currencies activities but also, it has been stated by Wechat that it will prevent sending of any funds to various digital assets, through its platform. A lot of activities were taking place amongst the Chinese people through the means of this medium. Moreover, WeChat is not the only medium that is incorporating new regulations for the sector of cryptocurrency. Alibaba, which has been backing Ant financial, has also recently revealed that it has been putting restrictions on the various accounts that have anything to do with digital currency. Both WeChat and Alipay, which have been prominent platforms, have several users. Both these platforms are stating that they would see to it that no laws are flouted under the watchful eye of the prohibitions that they have put lately and that the culprit in the case of any illegal activities will be punished by the platform.
As mentioned previously, following the scams that were conducted in China in the past, the Chinese government is now taking strong measures so that virtual currency does not become responsible for more of these activities. This sector is under the scrutiny of the regulatory authorities of China and the Chinese government intends to not go easy on any illegal activities in the country. The citizens of China are strongly warned against undertaking the development of Blockchain projects or at illegal attempts at fundraising.