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Chinese tech firms pledge to ban NFTs, cryptocurrency marketplaces
The new initiative called on tech firms not to "set up a centralised marketplace" for bidding, matching, or anonymous NFT trading.

NFT

Credit: https://watcher.guru/

Several of China’s most well-known internet and technology enterprises signed an agreement on Monday to refrain from developing secondary markets for digital artefacts and cryptocurrencies. Baidu, generally recognized as one of the world’s most successful internet and technology businesses, was one of the companies that signed the agreement. Several well-known companies, including Baidu, Tencent, Alibaba, and Baidu.com, have signed off on the proposal (NFTs).

According to the South China Morning Post, Tencent and Ant Group have joined an industry-led drive to regulate cryptocurrencies and prevent speculation (SCMP). People involved in the bitcoin business were the driving force behind the formation of this initiative.

The Chinese government has released a statement requiring digital collectibles platforms to “demand real-name verification of persons who issue, sell, and purchase” the assets. The declaration also requires that digital collectibles platforms adhere to the statement. This was included in the declaration as one of the prerequisites that had to be satisfied. The statement states that “only lawful cash as the denomination and settlement currency is supported.”

“Blockchain-supported solutions should not incorporate any financial assets, such as stocks, insurance, credit, or precious metals,” the idea says. You should avoid introducing anything of this kind into your system. This notice applies to both legally licenced financial items and assets and those that do not have a market license. Additionally, this category includes precious metals as well as jewelry made from precious metals.

The National Internet Finance Association of China, the China Banking Association, and the Securities Association of China released a joint statement prohibiting the use of NFTs in the process of issuing financial assets in April of this year. As a consequence of the statement, this prohibition was enacted. The use of non-financial tokens in the process of producing financial assets were specifically banned within the parameters of this proclamation. Now that this moment has arrived, everyone will have a chance to hear the message.

A new effort has been launched, and as part of it, technology firms have been asked to desist from establishing a “centralized marketplace” for anonymous non-fungible token trading, bidding, or matching.

The Chinese government decided to impose limits on bitcoin mining in July of 2017, and the regulation went into force in July of that year.

The People’s Bank of China intends to launch a new kind of digital currency known as the “digital Chinese yuan.” Our team is currently working on the specifics of this endeavor (CBDC). Furthermore, the company intends to launch its cryptocurrency driven by blockchain technology (e-CNY).

Since September 2017, the government has rigorously restricted any bitcoin transactions, and international cryptocurrency exchanges are not authorized to operate inside its borders starting in 2018. By enacting both of these limitations, the use of cryptocurrencies was intended to be reduced as much as feasible.

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