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Chinese tech firms pledge to ban NFTs, cryptocurrency marketplaces
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IANS | 04 Jul, 2022
Chinese internet and tech giants on Monday signed an initiative to ban
cryptocurrency and digital collectibles (NFTs), along with a promise not
to establish secondary marketplaces.
According to the
South China Morning Post, Tencent and Ant Group joined a self-driven
industry initiative to ban cryptocurrency and fight speculation.
Platforms
that sell digital collectibles "shall require real-name authentication
of those who issue, sell and buy" the assets and "only support legal
tender as the denomination and settlement currency", according to the
document signed by China's biggest tech firms.
"Do not contain
financial assets or unlicensed financial products, including securities,
insurance, credit and precious metals, in blockchain-supported goods,"
it added.
In April this year, the National Internet Finance
Association of China, the China Banking Association, and the Securities
Association of China issued a joint statement to prohibit the use of
NFTs in the issuance of financial assets.
The new initiative
called on tech firms not to "set up a centralised marketplace" for
bidding, matching, or anonymous NFT trading.
The Chinese government banned Bitcoin mining in July last year.
It has plans to launch its central bank digital currency (CBDC) called the digital Chinese yuan (e-CNY).
The
country banned all cryptocurrency transactions last September and
barred foreign crypto exchanges from operating within the country in
2018.
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