Yet, today we are witnessing the harshest restrictions ever.
In July 2018, 88 virtual currency trading platforms and 85 ICO platforms had withdrawn from the market.By 2017, Beijing had placed a ban on all forms of capital-raising via issuing tokens, thus forcing many Chinese cryptocurrency investors to park their investments overseas.As early as 2013, when bitcoin was less than US$1,000 (a fraction of today’s value), Chinese banks were banned from dealing in bitcoin.Even prior to the popularity of cryptocurrencies such as bitcoin, China remained a staunch opponent of this technology. However, the current set of regulations implemented by the Chinese government should not warrant surprise. The exodus has been dubbed as the ‘great mining migration.’ The ferocity of these restrictions has resulted in major bitcoin mining and trading companies leaving China in favor of neighboring countries - Russia and Kazakhstan and even to states within the US ( which have a crypto-friendly political stance). Like this one, or of course this one.Since May of 2021, the Chinese government has begun to aggressively crackdown on crypto-mining operations. If this doesn't work for you, keep in mind China has other payment options. If you have an older bank account that you registered with your previous passport, and you are using your new passort to register WeChat pay it won't work. The phone number and passport number registered with your bank must match the data you enter on WeChat.Your best option then is to register a new bank account with the exact same name as on WeChat If you used a middle name on your bank card but not on WeChat, you are out of luck.
The name on your bank card must match exactly the name on registered on WeChat.If you are having trouble adding a bank card, here is what that usually boils down to: They’re asking you to do this because you shouldn’t be sending/receiving money from/to strangers with a newly created WeChat pay account to risk not getting blocked by their fraud detection. Once WeChat confirmation is received, ask three friends from existing contacts to send you small payment, receive payment to WeChat money. There's screenshots going around WeChat groups from another conversation with the WeChat support team that also suggests the following. 1) Withdraw all your money from WeChat in Balance > WithdrawĢ) Go to Payment Managment (the 3 dots on the top of the Pay page), and cancel all Auto-Deducation Services.Ĥ) Go to " Payment Managment" again and cancel WeChat Pay.ĥ) Set up WeChat Pay again by adding a new bank Card Please note that all your payment history will be deleted. This assumes that your WeChat pay was working fine until yesterday and that you currently have a bank card linked to your WeChat account. They should be answering daily 8am to 6pm. If this doesn't solve the problem, please contact WeChat support at 95017, choose 0 from the menu, then 9 for English. Long story short, you have to cancel WeChat Pay and set it up all over again.
So, here's what you have to do to fix this problem if you are experiencing it. Recent upgrading of banking regulations by the government has led to some trouble with the new version of WeChat.
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