After a crypto crackdown, is China going after NFTs and their promoters

October 26, 2021 Emerging Markets

The Cambridge Bitcoin Electricity Consumption Index showed that China held 0% of the average monthly hashrate share in August. After this, many concluded the country had done away with crypto for good.

But now, the Chinese authorities seem to have their eyes on a new target: NFTs.

Noting NFTs
Journalist Colin Wu announced that Chinese regulators had “interviewed” some Internet companies regarding their involvement with NFTs. While NFTs can reportedly only be used as “digital collectibles,” that hasn’t stopped large players like Tencent and Alibaba from launching NFT platforms.

At press time, both companies had responded to Wu, distancing themselves from “unregulated” NFTs and illegal virtual currencies.