Chinese tech firms pledge to ban NFTs, cryptocurrency marketplaces

According to South China Morning Post, Tencent and Ant Group joined an autonomous industrial initiative to ban cryptocurrency and fight speculation.

The platforms that sell digital collectibles “will require real authentication of those who emit, sell and buy” assets and “only support legal as a denomination and settlement”, according to the document signed by The largest Chinese technological companies.”Do not contain financial assets or financial products without license, including titles, insurance, credit and precious metals, in goods supported by blockchain,” he added.

In April of this year, the National Internet Finance Association of China, the China Banking Association and the Securities of China association published a joint declaration to prohibit the use of NFT in the issue of financial assets.The new initiative has called on technological companies not to “set up a centralized market” for auction, correspondence or anonymous NFT trading.

The Chinese government prohibited Bitcoin extraction in July from last year.It plans to launch its digital currency from the Central Bank (CBDC) called the Digital Chinese Yuan (E-CNY).The country prohibited all cryptocurrency transactions last September and prohibited the exchange of foreign crypto of the operation in the country in 2018.