WeChat bans crypto transactions in its payment channels

Saisher

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Quote from: alexcopper on May 07, 2019, 02:12:01 PM

https://www.theblockcrypto.com/tiny/wechat-bans-crypto-transactions-in-its-payment-channels/

Did everyone hear about the recent statement released from WeChat regarding the ban of all crypto transactions? This would make sense seeing that it is a Chinese company and China has been pushing hard to regulate crypto.

What does this mean for crypto and WeChat? Will we see decentralized apps like Elixxir take its place?

I never used Wechat and besides it's their lost anyway, so many crypto users are in We chat, I'm pretty sure the second nearest competitor that is open to cryptocurrency will get a big share in the market, this is a bad move for Wechat just as we are reading a lot of great things about Cryptocurrency, one of this is the predicted another all time high.

dimonarka

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I think this is a stupid decision and completely unrealistic in size of this social network, since what then prevents these users from entering and buying tokens just on a decentralized exchange? I will answer you nothing in my opinion it will not last long as everyone understands how it can end.

matchi2011

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Quote from: Anc92 on May 30, 2019, 06:40:41 AM

It's kind of a setback but won't mean much in my opinion. They'll only be left behind as the crypto world progresses further. With projects that are working to influence sectors such as gaming, the crypto world will definitely gain more traction.

Good point, crypto won't suffered with such actions as there's already venues of businesses where crypto already been establishing a good usage, if more of this places will keep it and enhance we will be enjoying the success of this industry.

Anc92

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It's kind of a setback but won't mean much in my opinion. They'll only be left behind as the crypto world progresses further. With projects that are working to influence sectors such as gaming, the crypto world will definitely gain more traction.

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Quote from: Lakai01 on May 08, 2019, 01:51:35 AM

Quote from: niisarearning on May 08, 2019, 01:36:39 AM

China is doing all the possibilities to create one more huge dump and buy cheap coins and sell it for huge . Last time exchange ban and other events we seen . After crypto price how it increase we witnessed.

Chinas impact on the market is too less already. Such news dont shock the markets anymore, they wont trigger massive sells. Additionally, such news only affect the chinese market which is in general shrinking due to the 2017s bans etc.

I really don’t know what china always feel like, they should keep their system to themselves, at least we have got other alternatives too, there was a time I heard that they even banned their citizens from using what Sapp which was true, because I have some contacts over there that do send me some products, I couldn’t get through to them till they told me china banned them from using whatsapp, we had to go over to we chat, now they are coming up with what would eventually make some people abandon we chat for other projects that would give them freedom or run on a decentralized social media system.

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Quote from: alexcopper on May 07, 2019, 02:12:01 PM

https://www.theblockcrypto.com/tiny/wechat-bans-crypto-transactions-in-its-payment-channels/

Did everyone hear about the recent statement released from WeChat regarding the ban of all crypto transactions? This would make sense seeing that it is a Chinese company and China has been pushing hard to regulate crypto.

What does this mean for crypto and WeChat? Will we see decentralized apps like Elixxir take its place?

I think this is just speculation to make the price of Bitcoin go down, but we don't have to worry too much and panic about this news, even though the most crypto players are in China but this news will not have much effect on the price of Bitcoin and Altcoin Wink

Psynthax

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Quote from: studio1one on May 08, 2019, 12:44:43 AM

That just sucks. In the world where crypto is being adopted (slowly) there are still some companies that are still banning crypto.

But isn't WeChat a Chinese company's app and crypto is already banned over there?

Wechat owned by Tencent and that's not a big surprise if that company at the end of the story has decided to ban crypto. But it doesn't matter a lot and none use we chat to create any crypto transaction or crypto related activities. I don't care so much about that because china and its company around there are the FUDders since the beginning of crypto itself.
That will always do that.

alexcopper

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This sounds like a scary foreshadow of Facebook becoming this centralized power monger and making sure that their system works better than anyone elses even in the case of owning peoples personal data.

I vote for any other decentralized platform that can take down all the above

samcrypto

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Quote from: rijaljun on May 07, 2019, 02:22:52 PM

WeChat is a under Chinese company right? So this is not a big deal on my opinion, China government gas a negative views on Bitcoin and this action is following government's law on banning almost everything related to crypto.

WeChat decision is just to make sure that the platform won't get banned by the government which will end up in losing their users (most of WeChat users are Chinese).

I'm not sure if this will have a negative impact on market but, this kind of bad news from China is nothing new to crypto.

WeChat is a good company, but I think the Chinese government are really influential and they have no choice but also to ban crypto transactions or else there will no users that will stay with them or they will get the punishment from the government. Yes, this is not new to Chinese crypto but its just sad because they are trying to regulate cryptocurrency in not a good way. This kind of news can affect the market, but its just a minimal effect in short term I think.

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Quote from: alexcopper on May 07, 2019, 02:12:01 PM

https://www.theblockcrypto.com/tiny/wechat-bans-crypto-transactions-in-its-payment-channels/

Did everyone hear about the recent statement released from WeChat regarding the ban of all crypto transactions? This would make sense seeing that it is a Chinese company and China has been pushing hard to regulate crypto.

What does this mean for crypto and WeChat? Will we see decentralized apps like Elixxir take its place?

China really thinks they have the power to control cryptocurrency as they like but I guess this will be beyond their power, every step they take to work against cryptocurrency will end up having a negative effect on them, if they ban crypto activities n wechat, then they are indirectly giving opportunity to the ones who has accepted cryptocurrency and doing similar thing chance of becoming more popular.

I am sure they must have studied cryptocurrency carefully and would have seen it has threat to their governance, if not, I don’t know why they are taking these actions, at first it was the banning of cryptocurrency miners, and now they have expanded their ban to wechat crypto payment too.

Bitcotalk

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Quote from: alexcopper on May 07, 2019, 02:12:01 PM

https://www.theblockcrypto.com/tiny/wechat-bans-crypto-transactions-in-its-payment-channels/

Did everyone hear about the recent statement released from WeChat regarding the ban of all crypto transactions? This would make sense seeing that it is a Chinese company and China has been pushing hard to regulate crypto.

What does this mean for crypto and WeChat? Will we see decentralized apps like Elixxir take its place?

I am not really surprised about this news, the chinese government have been known for being against technologies that were not initiated by them, a lot of websites apart from crypto platforms have been banned in china, so it's no big deal if government ban the crypto payment on wechat, though I think it is temporary because one thing I know for sure that china might be a partaker of the economic crisis coming to the world in few years, and crypto will be the only hope to save the economy from crashing down totally.

Gemliting

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WEchat is chinese messenger app and the Chinese government block all transaction related on crypto so there is no big deal Grin

Alpinat

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Quote from: Mighty_crypt on May 08, 2019, 02:11:11 AM

Since wechat is from China it won't have a negative impact on bitcoin price at all ,and this doesn't mean that crypto is banned in China for good ,ICO is banned there not crypto as per my investigation ,I hope a new project will take wechat place very soon ,like elixxir or hypnoxys project

Yes china don't really like crypto and wechat is created in their country so that's why they banned it but not all of the channels. It is just humor that all cryptocurrencies are banned in China , there are still some of the cryptocurrency right now that still circulating in china.

batang_bitcoin

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Not everyone uses WeChat and if they are banning crypto transactions, so what? it's their decision and no one can stop them from doing that. From what I've heard about the rumors, aren't they going to create their own crypto too? And with this move, they are trying to eliminate competition on their own platform by doing this. Elixxir isn't really getting the attention from the community, I respect David and I'm a fan of him but that's the reality.

Mighty_crypt

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Since wechat is from China it won't have a negative impact on bitcoin price at all ,and this doesn't mean that crypto is banned in China for good ,ICO is banned there not crypto as per my investigation ,I hope a new project will take wechat place very soon ,like elixxir or hypnoxys project

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Quote from: niisarearning on May 08, 2019, 01:36:39 AM

China is doing all the possibilities to create one more huge dump and buy cheap coins and sell it for huge . Last time exchange ban and other events we seen . After crypto price how it increase we witnessed.

Chinas impact on the market is too less already. Such news dont shock the markets anymore, they wont trigger massive sells. Additionally, such news only affect the chinese market which is in general shrinking due to the 2017s bans etc.

niisarearning

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Quote from: rijaljun on May 07, 2019, 02:22:52 PM

WeChat is a under Chinese company right? So this is not a big deal on my opinion, China government gas a negative views on Bitcoin and this action is following government's law on banning almost everything related to crypto.

WeChat decision is just to make sure that the platform won't get banned by the government which will end up in losing their users (most of WeChat users are Chinese).

I'm not sure if this will have a negative impact on market but, this kind of bad news from China is nothing new to crypto.

China is doing all the possibilities to create one more huge dump and buy cheap coins and sell it for huge . Last time exchange ban and other events we seen . After crypto price how it increase we witnessed.

jdarren

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I agree I think this is a massive impact on the crypto community until something can match the impact WeChat has made

studio1one

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BintexFutures

That just sucks. In the world where crypto is being adopted (slowly) there are still some companies that are still banning crypto.

But isn't WeChat a Chinese company's app and crypto is already banned over there?

Akpuv

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Quote from: alexcopper on May 07, 2019, 02:12:01 PM

https://www.theblockcrypto.com/tiny/wechat-bans-crypto-transactions-in-its-payment-channels/

Did everyone hear about the recent statement released from WeChat regarding the ban of all crypto transactions? This would make sense seeing that it is a Chinese company and China has been pushing hard to regulate crypto.

What does this mean for crypto and WeChat? Will we see decentralized apps like Elixxir take its place?

This is not going to impact cryptocurrency in anyway. Wechat is more localized in China. It is not yet a popular app that can shake the entire crypto community if it decides to ban cryptocurrency transactions.

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