The accounts involved are usually associated with small- and medium-sized NFT trading platforms. NFTs trading in China is largely done via the Chinese Yuan due to China’s ban on cryptocurrency.
Bitcoin is done, but what about NFTs?
WeChat, China’s monopolistic super-app with over 1.2 billion users, has banned more than ten accounts involved in NFTs trading. This was reported by Global Times, the Chinese state tabloid media associated to the People’s Daily.
WeChat stated Wednesday that the move was made to discourage speculation through user accounts and mini-programs, as well as to reduce risks associated with cryptocurrency trading. The social media giant stressed that trading in second-hand NFTs is not allowed on its platform.
WeChat also added that public accounts that support primary NFTs trading will provide evidence of cooperation with Chinese blockchain firms. The platform supports digital collectibles only as gifts within the primary market and in digital exhibitions. Mini-programs are not available on the platform.
WeChat increased its enforcement to comply with the Chinese government’s hawkish approach. It stated that “If any bypass or counter moves were detected, accounts may be removed or banned based on the severity of the violation.”
NFTs, unlike bitcoin mining and trading, are clearly prohibited in China. However, they remain a gray area with unclear rules. These assets are becoming increasingly popular among young people in China.
China built its NFT industry unrelated to crypto
According to CryptoPotato, China was set to launch its own NFT market with non-fungible tokens that are based on the Distributed Digital Certificate standard (DDC). This is in addition to dealing with cryptocurrencies.
According to reports, the NFT platform, called BSN-Distributed Digital Certificate, (BSN-DDC), will integrate with ten chains including Fisco Bcos that were initiated by WeBank. NFT transactions can only be settled by clients using Chinese Yuan.
The first ever digital collectibles were issued by the Chinese state news agency Xinhua in December. They contain 110,001 copies of 11 unique photos.
Marla Brooks – Financial Analysis
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