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China’s WeChat suspends some accounts linked to NFTs
China’s famous WeChat messaging platform has blocked certain accounts tied to non-fungible tokens (NFTs), to discourage speculation in the digital assets.
The platform states it has “rectified” accounts that were decided on by promoting NFT market speculation, to help to drive up prices. There are no guidelines against NFTs in China, and the trade of cryptocurrencies was banned a year ago. NFTs can be purchased and purchased from China like any other item of property.
That is why they have already been billed because of the digital alternative to collectible items. However, they have no concrete form that belongs to them, and experts have warned about vulnerabilities in the market.
On Thursday night, WeChat responded to local media information that the company accounts have been suspended.
The platform said it acquired “recently regulated and fixed public records and modest projects for speculation and secondary sales of digital collections”. That noted that the was done “according to appropriate national legal guidelines, to limit the threat of speculation in virtual currency transactions”.
This noted that this was done “according to appropriate nationwide legislation, to restrict the risk of speculation in digital currency transactions”.
Oriental internet firm Tencent, which controls WeChat, declined to review further when achieved by the BASSE CONSOMMATION. The action provides China’s technology industry has been under severe scrutiny by regulators.
The industry has witnessed a lot of regulatory action against it recently, including crackdowns on eCommerce enterprises, online financial services, cultural media platforms, game playing companies, cloud computing providers, ride-hailing programs, and cryptocurrency miners and exchanges.
Despite all the steps, the trading of NFTs is still not illegitimate in China. Yet, the digital assets are constructed on technology that is overseen by Beijing.
Underneath the guidelines, customers had to acquire NFTs in the local currency, the yuan, rather than cryptocurrencies, which are forbidden.
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