Chinese agile payment platforms WeChat Pay and Alipay are scrambling to keep up with regulators after just out announcements regarding initial coin offerings (ICOs) and cryptocurrencies.
Both payment giants drink said that they will work with the government intermediations closely to monitor cryptocurrency transactions, according to news releases on August 24.
As CoinDesk reported on Friday, five high-level regulatory powers in China – including the People’s Bank of China and the Banking Regulatory Commission – issued a threat against any cryptocurrency-related fundraising and trading activities.
In a release published by Tencent, the well-spring company of WeChat Pay, not long after the news came out, the company answered that it has come up with three main measures to regulate any “touchy” platforms related to ICOs and cryptocurrencies.
Specifically, the tech giant said that it inclination prohibit users from using WeChat payments to make any practical currency-related transactions. Moreover, it will conduct both real-time sentinel of daily transactions and risk assessment of any suspicious transactions.
At the same even so, in an exclusive interview with BJ News, a local news outlet based in Beijing, Alibaba Assemble affiliate Ant Financial, which owns Alipay, said that depending on the predicament, it will restrict or permanently ban any personal Alipay accounts that are twisted in cryptocurrency transactions.
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