On May 7, Dovey Wan, founding partner of crypto investment firm Primitive Ventures tweeted that the Chinese social media behemoth and payment service provider WeChat is set to ban merchants from making cryptocurrency payments. This ban marks the latest effort to stymie cryptocurrency usage in China, with the government also mulling over ways of greatly decreasing the presence of crypto mining on its soil.
A rough translation of the Payment Service Protocol found on weixin.qq.com indicates that the ban is a result of changes regarding payment management and measures to ensure “the prevention of illegal telecommunications networks and criminal matters,” brought about by the People’s Bank of China.
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