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Chinese Internet and technology giants have signed a memorandum of understanding (MoU) to ban cryptocurrencies and digital collections (NFTs).
According to the South China Morning Post, Tensent and Ant Group have joined a self-led industry initiative to block cryptocurrencies and fight speculation.
The document, signed by China’s largest technology companies, states that platforms selling digital collections must “verify the real name of those who issue, sell and buy the property and support only legal tender as a denomination and settlement fund.”
“In blockchain-supported products, they include financial assets or unauthorized financial products, securities, insurance, credit and precious metals,” he added.
In April this year, the Chinese National Internet Finance Association, the China Banking Association, and the China Securities Association issued a joint statement banning the use of NFTs in the provision of financial assets.
The new initiative urges technology companies not to “establish a centralized market” for bidding, matching or anonymous NFT business.
The Chinese government banned the mining of Bitcoin in July last year.
It plans to launch a digital currency, the Central Bank of China (CBDC).
The country banned all crypto exchanges last September and banned foreign exchange transactions in 2018.
–Ains
And / vd
(Only the title and image of this report may have been redesigned by Business Standard staff; the rest of the content is automatically generated from integrated feeds.)
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