China has become a very hostile nation for cryptocurrency. It is a very worrisome trend, but it appears there is nothing that can be done about it. In another crackdown, the country is now targeting WeChat content pertaining to Bitcoin and other cryptocurrencies.
WeChat Cryptocurrency Content Is DisallowedWeChat Cryptocurrency Content Is Disallowed
It is evident the ongoing ‘ban’ on cryptocurrency in China is causing all kinds of worrisome consequences. Although trading cryptocurrencies against one another is still allowed in the country, there is no convenient way of converting the Chinese yuan to either Bitcoin or altcoins as of right now. This situation has been in place for several months now, and it appears things will not be reversed anytime soon.
To make matters even worse, the Chinese government is now actively cracking down on any public discussion involving cryptocurrencies. WeChat has been forced to remove a lot of content and accounts in the past few weeks, although it is unclear if this was a one-time deal or something that will continue for the foreseeable future.
Because of this new harsh action, it appears cryptocurrency discussions are the next thing to be ‘banned’ in China. Under pressure from internet regulators, WeChat had virtually no other option but to comply with these demands. There were concerns that these accounts were involved in spreading news and rumors violating the Interim Provisions on the Development of Public Information Services for Instant Messaging Tools.
Some of the removed accounts were quite popular, all things considered. Huobi News is one of the victims, as it had three separate accounts shut down in quick succession. This harsh action shows there is still a hefty grudge against Bitcoin and other cryptocurrencies in China. This mainly stems from a lack of proper understanding of how this technology works and what it brings to the table.
It is evident Chinese officials are more intent on embracing blockchain technology than cryptocurrency itself. That comes as no real surprise, as this biased attitude has been clearly visible for several years now. By cracking down on companies active in this space, the government may very well achieve the completely opposite effect.
By going after public messaging tools such as WeChat, another point of no return has been reached by the Chinese government. It is evident censorship is more important to the government than letting people gain access to a new financial paradigm. That is a very unfortunate situation, but things will only get worse from here on out.
For the third time in the last one-month Tether has issued $50 million in USDT tokens as the company’s circulating market cap reaches $2.5 billion.
On Tuesday, August 13, Bitcoin climbed over $6500 mark showing up a minor recovery in its price. Considering the extreme volatility over the past few weeks, there can be multiple reasons for the price rise like OTC trades or other things. However, the latest price surge has been in synchrony with the issuance of new Tether (USDT) tokens.
The USDT token is a dollar-pegged “stablecoin” that is created by the controversial digital currency startup Tether. On Saturday, August 11, Tether has supposedly issued 50 million USDT tokens which amount to $50 million influx in the cryptocurrency market, according to the data from Omni Explorer.
The data on the Tether Rich List shows that these new tokens have been transferred to cryptocurrency exchange Bitfinex. This is for the third consecutive time this month when Tether is said to have issued $50 million in USDT tokens to Bitfinex. Moreover, Tether’s “transparency” page goes to show the company’s circulating marketcap of $2.5 billion. The page data also shows that Tether currently holds $500 million in reserves, meaning that the company has another $500 million worth funds available for distribution.
On the 12th of August, Bitcoin Superstore, a crypto-only store announced that they now accept TRX as a payment option and customers can purchase from “nearly any retailer with Tron [TRX].” Having more than 200,000 retail stores, customers can pay using any of the 7 cryptocurrencies accepted by them.
Some of these stores include multi-national franchises like Starbucks, Amazon, Google, Express, Walmart.com. The company claims to have a customer userbase throughout the process of accepting the orders, ensuring the purchase, transporting and delivering to the customers. The team would also be managing returns if necessary. Moreover, the company promotes the purchase of gift cards for brands like Starbucks, Nike, Gamestop, and Best Buy.
In order to purchase any product or service from the store, the customers must first sign into the Bitcoin Superstore, paste the particular URL of the product, enter the delivery details and the mode of payment, which will have an option to choose which cryptocurrency the customers would want to choose. Further, the company takes care of the product delivery.
In response to the announcement, a Twitterati said:
“Nicely done, you guys will be taking over real soon.”
Another Tweet in response said:
“Amazing news. Tron is really making waves in this space.”