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After an all-out ban on cryptocurrency trading and mining, the Chinese government might go after the latest hype in the crypto market- metaverse. The Chinese state media has issued a warning against the metaverse and cloud mining scams, according to a tweet from Chinese insider 8BTC. The report highlighted that the scammers have been actively using the Metaverse terms in their scams to lure more people.
China's state media Xinhuanet warned about #Metaverses and #cloudmining scams. More and more scammers in China are using concepts like metaverse, blockchain and cloud mining to lure ppl in and take their money.
— 8BTCnews (@btcinchina) December 15, 2021
Metaverse has gained a lot of interest in mainland China despite Beijing’s strict crypto policies. Some of the biggest technology giants such as Tencent, NetEase, and Tiktok parent company ByteDance, all have invested heavily in the Metaverse market.
