Chinese internet giants remove NFT platform for fear of government repression

Chinese internet giants remove NFT platform for fear of government repression

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2022-03-23 23:08:16

WeChat has removed several accounts for digital collection platforms due to illegal trade policy violations, while Ant Group and Tencent-owned NFT platforms have updated their user agreements. surname.

China’s top social media platforms and internet giants have updated their policies to restrict or eliminate unusable token (NFT) platforms, citing lack of regulatory clarity and fear of government repression.

Chinese social media giant WeChat is said to have deleted several digital currency collection platform accounts for violating the rules. Xihu No.1 digital acquisition platform, one of the hyped NFT projects in the market, was among the removed platforms. Another platform called Dongyiyuandian revealed that its official app has been banned, a local daily newspaper reported.

WhaleTalk, a digital collection platform launched by tech giant Ant, has also updated its policy to increase penalties for using an over-the-counter (OTC) trading desk for delivery. NFT translation. It is important to note that while the NFT is not necessarily prohibited, any form of speculative trading involving digitally obtained tokens is still prohibited. An excerpt from the Google-translated report for reading:

Under the background that compliance with digital collections is unclear, many platforms have begun to actively crack down on violations to prevent further fermentation of related acts.”

The increase in the number of illegal transactions and bot purchases related to the NFT platform has prompted some tech giants to take precautions. In the mass ban on cryptocurrencies announced in September 2021, any company found to be supporting cryptocurrency exchanges or foreign crypto companies will be held liable. . As a result, these companies’ recent actions and changes in user agreement policies appear to be done to avoid government repression.

While cryptocurrencies are strictly prohibited in mainland China, the Beijing government has no intention of banning NFTs. This is one of the main reasons for Tencent and Alibaba to file several new NFT patents in the past year. However, the growing popularity of digital collectibles in China also makes the country vulnerable to speculation and price scams.

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