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WeChat Suspends Blockchain App On The Day Of Its Release

Rohnak
Rohnak

Yesterday, May 9 was the launch day of “Xiao Xiexi”, a third-party app based on blockchain for users of WeChat, the Chinese company of instant messaging services. But WeChat suspends this in less than 24 hours after its launch, due to violations of certain unspecified rules.

According to the Caijing Chinese newspaper, Xiao Xiexi is an app that would allow WeChat users to store contract agreements in the blockchain. This app, which is owned by Tencent itself, was developed by a blockchain services platform based in Beijing, called Niuco Box. The App would encrypt and store agreements in the blockchain in exchange for a commission, with which it would be paid to the miners who work on this platform.

Xiao Xiexi Launch was halted

But, the plan was halted by WeChat. They said that the app would be violating certain rules of its platform. But no report was released that gave more information about these violations.

WeChat is considered as the “WhatsApp of China”. It is an instant messaging platform with more than one billion active users. It is owned by Tencent, the Chinese company of mobile services and the Internet. Therefore, an app Xiao Xiexi would represent an important force to promote and distribute blockchain technology among ordinary people in China.

At the moment, it is unknown if the app will be launched again as soon as the alleged violations are clarified. But this is not the first time that WeChat is related in some way to the blockchain. Last December WeChat launched a portfolio compatible with the NEM cryptocurrency.

Something that is quite interesting is that WeChat, in addition, has become a tool that allows Chinese investors to avoid the regulations of the authorities. These people use the instant messaging application to contact intermediaries residing outside of China, looking for them to help them invest in Initial Currency Offers (ICOs), in exchange for a commission.

Several agencies that offer this intermediation service operate in WeChat, and there are also several discussion groups similar to the WhatsApp groups where cryptocurrencies are discussed and ICO is promoted.

Also, we have seen that the Chinese Government plans to start Blockchain investment development center. This is the news a few weeks ago. This shows the interest of the Chinese government for the blockchain technology.

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Rohnak

I have been following blockchain and crypto technology since its emergence.