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China Sort of Bans NFTs, But Local Internet Giants Keep Entering This Field

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Sat, 10/23/2021 - 07:59
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Yuri Molchan
Chinese authorities are prohibiting NFTs but allow digital collectibles instead; however, Internet giants keep entering the NFT space
China Sort of Bans NFTs, But Local Internet Giants Keep Entering This Field
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According to the Chinese crypto blogger Colin Wu, Chinese regulators are in talks with major Internet companies about non-fungible tokens (NFTs) use.

He has reported exclusively that NFTs are not allowed to be used any more. However, instead digital collectibles are permitted.

Still, local Internet giants and other major companies are still entering the NFT space actively. Recently, U.Today reported that McDonald’s in China has released a set of 188 NFTs to present to its staffers and customers in honor of the 31 anniversary of the company’s presence in China. These NFTs are called “Big Mac Rubik’s Cube”.

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Tencent and Alibaba have also launched their NFTs platforms and DHL has released its NFTs too, Wu reminds.

In late September, China also banned cryptocurrency transactions, marking them as illegal. However, Chinese citizens are still allowed to own Bitcoin legally as digital property.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.