Soon after the Chinese government made an announcement about blockages regarding cryptocurrencies, popular payment platforms WeChat and Alipay have stopped allowing users to make crypto transactions on their platforms.
The payment platforms have decided to work in collaboration with government regulators and hence the decision to shun any crypto related transactions.
The news came into light when the parent company of WeChat Pay, Tencent Technology from China has reportedly taken different measures to tackle crypto related issues. Among which it specifically highlights about restricting the users of WeChat Payment for virtual currency related transactions.
Below is an excerpt of the statement from Tencent technology,
“Tencent has taken three remediation measures on the payment channel: limiting the collection function of the problem platform receiving account, prohibiting its use of WeChat payment for virtual currency transaction collection; limiting the amount of personal seller account collection, limiting virtual currency related Transaction collection.”
Essentially it’s clear that the company is working towards ‘real-time monitoring and risk assessment on a daily basis for any suspicious transactions’.
Alongside, the Ant Financial, backed by Chinese tech giant Alibaba, revealed in a statement that based on current market conditions user accounts on its payment platform, Alipay in connection with any sort of cryptocurrencies transactions will be restricted or subjected to a permanent ban.