China Sort of Bans NFTs, But Local Internet Giants Keep Entering This Field

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Yuri Molchan

Chi­nese author­i­ties are pro­hibit­ing NFTs but allow dig­i­tal col­lectibles instead; how­ev­er, Inter­net giants keep enter­ing the NFT space 

Accord­ing to the Chi­nese cryp­to blog­ger Col­in Wu, Chi­nese reg­u­la­tors are in talks with major Inter­net com­pa­nies about non-fun­gi­ble tokens (NFTs) use.

He has report­ed exclu­sive­ly that NFTs are not allowed to be used any more. How­ev­er, instead dig­i­tal col­lectibles are permitted.

Still, local Inter­net giants and oth­er major com­pa­nies are still enter­ing the NFT space active­ly. Recent­ly, U.Today report­ed that McDonald’s in Chi­na has released a set of 188 NFTs to present to its staffers and cus­tomers in hon­or of the 31 anniver­sary of the company’s pres­ence in Chi­na. These NFTs are called “Big Mac Rubik’s Cube”.

Ten­cent and Aliba­ba have also launched their NFTs plat­forms and DHL has released its NFTs too, Wu reminds.

In late Sep­tem­ber, Chi­na also banned cryp­tocur­ren­cy trans­ac­tions, mark­ing them as ille­gal. How­ev­er, Chi­nese cit­i­zens are still allowed to own Bit­coin legal­ly as dig­i­tal property.



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