June 24, 2024


The Joy of Technology

China’s Communist Party wants to regulate NFTs

The Financial Each day, a mouthpiece of the Chinese Communist Social gathering, referred to as for stricter regulation of “digital collectibles” as investors proceed to speculate in non-fungible tokens (NFTs).

See associated article: Ant Group, JD.com, Tencent pledge to resist speculation of ‘digital collectibles’

Quickly specifics

  • The Economic Every day argued versus dealing with NFTs as cultural and imaginative products, calling as an alternative for the asset class to be controlled as a currency, commodity and/or a security. 
  • The phrase “digital collectibles” is a euphemism for “NFTs” as China frowns on speculation in the emerging asset. 
  • The article criticized NFT trading platforms for operating resale markets, warning potential buyers that the “rug could be pulled” at any time.
  • Ironically this arrives amid state-operate tv stations on their own launching NFT marketplaces.
  • The People’s Everyday, the official newspaper of the CCP, and Shandong Television have their have marketplaces with Shanghai Securities’ NFTs surging in next-hand gross sales. 
  • In the meantime, China’s tech giants have self-controlled amid the regulatory uncertainty, with Alibaba imposing a 180-working day lock-in just before a resale. 

See related post: WeChat bans NFT accounts, citing ‘crypto speculation’


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