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China Bans NFTs Although Local Internet Giants Not Giving Up


China Regulatory Body are currently discussing major Internet companies about non-fungible tokens (NFTs) use. This is according to the Chinese crypto blogger Colin Wu.

Furthermore, He reports that there’s currently a ban in China on NFTs.
However, there’s no ban whatsoever on digital collectibles.

“Exclusive: Chinese regulatory authorities are strengthening the supervision of NFTs…”
“and have interviewed major Internet companies. NFTs are no longer allowed…”
“to be used, but instead are digital collectibles.”

— Wu Blockchain (@WuBlockchain) October 23, 2021

Notwithstanding, major local Internet firms are still entering the NFT space together with other major companies.

Recall, McDonald’s in China releases a set of 188 NFTs to present to its staffers and customers. This is in honor of the 31 anniversary of the company’s presence in China. More so, These NFTs are called “Big Mac Rubik’s Cube”.

Furthermore, Tencent and Alibaba also develop their NFTs platforms. Meanwhile, DHL also releases its NFTs too.

Lastly, China banned cryptocurrency transactions, marking them as illegal In late September. But, Chinese citizens still have access to own Bitcoin legally as digital property.

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