WeChat and Alipay are set to stop bitcoin transactions on payment platforms.
This is coming after high regulatory agencies in China – including the People’s Bank of China and the Banking Regulatory Commission – issued a warning against any cryptocurrency-related fundraising and trading activities.
WeChat and Alipay have said that they will comply to work with the government agencies closely to monitor cryptocurrency transactions, according to news releases on August 24.
Tencent, the parent company of WeChat Pay has said that it has come up with three main measures to regulate any “problematic” platforms related to ICOs and cryptocurrencies.
Specifically, the tech giant said that it will prohibit users from using WeChat payments to make any virtual currency-related transactions. Moreover, it will conduct both real-time monitoring of daily transactions and risk assessment of any suspicious transactions.
Alipay also said in an exclusive interview with BJ News, a local news outlet based in Beijing, that depending on the situation, it will restrict or permanently ban any personal Alipay accounts that are involved in cryptocurrency or bitcoin transactions.