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Tencent, Ant Group, Baidu, JD.com and several other leading Chinese technology companies last week launched a “self-taught growth proposition” for real-time digital signage industry users to sell, buy, and sell indestructible brands.NFTs) Says a South China Morning Post Report.
According to a statement from the China Cultural Industry Association, the signatories to the agreement have agreed to the ban on the use of digital currencies. Support legal tender as a denomination and settlement currency.
Digital meeting platforms must also hold relevant regulatory certificates, secure root blockchain technologies, and strengthen intellectual property protection.
While the document does not mention the re-sale of NFTs, the initiative promises to refrain from setting up secondary markets for NFT businesses and to “strongly oppose speculations.”
“Unlike most foreign platforms that use NFT technology as financial products, domestic digital collections are considered a category of digital cultural innovation,” said the China Cultural Industry Association.
China and the NFT
The latest initiative for China’s NFT position is not legally binding as it originates from private companies. However, it may still point to a crucial step towards greater transparency. State agencies responsible for developing industry standards can take decisions into consideration.
Over the past year, Chinese authorities have cracked down on crypto businesses in the country, not only blocking crypto transactions but also forcing many Bitcoin miners to go abroad.
However, the attack did not extend beyond the NFT venue, and China’s state-owned Blockchain Services Network announced in January that it had created its own platform to launch tokenized digital collections – although no crypto transactions were allowed on authorized and unofficial blockchain infrastructure.
Tech giants, including Tentent, Ant Group and Baidu, have launched their digital meeting points on private chains that only allow purchases in China and prohibit secondary transactions.
In April, the Chinese National Internet Finance Association, the China Banks Association, and the Chinese Securities and Exchange Commission (FTC) issued guidelines banning the use of securities, insurance, and lending.
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