China’s Crackdown Could Expand: Central Bank Eyes The Metaverse

The People’s Bank of China (PBOC) said on Monday it has ordered banks and payment institutions to crackdown on crypto. The move comes after the nation enforced a series of mining shutdowns, the latest of which took place in Sichuan. Crackdown On Crypto According to PBOC, banks must stop providing all services related to digital […]

Ethereum is the most recent asset caught in the path of the bulldozing machine that is China’s crackdown on crypto and crypto-related activities. When the country had begun to crackdown on mining earlier in the year, much focus had been placed on bitcoin given that it was the most popular cryptocurrency in the market. And […]

As the rumors of a crackdown by the People’s Bank of China have solidified over the past few days, Bitcoin prices have been hit hard. Last week, we told you that China’s central bank was rumored to be planning to force Chinese banks to close any accounts they have with Bitcoin exchanges by April 15. That news pushed the CoinDesk BitcoinPrice Index from about $585 on Wednesday to as low as $477 on Thursday. Over the weekend the price of Bitcoin recovered somewhat to about the $500 level.

Shanghai’s five-year plan calls for the use of a metaverse in public services, businesses, entertainment and industrial manufacturing. Shanghai, China’s most crowded city, is looking for ways to use a metaverse in public services over the next five years.Shanghai Municipal Commission of Economy and Information Technology’s five-year development plan for the electronic information industry listed four frontiers for exploration, and one of them is the metaverse.According to a CNBC report, the paper called for promoting the metaverse’s use in public services, business offices, social leisure,....

The metaverse and NFTs are in the crosshairs of the People’s Bank of China, which wants to track the with Anti-Money Laundering tools. China’s crackdown on crypto is expanding into the metaverse and nonfungible tokens (NFTs), an executive at the People’s Bank of China (PBoC) recently implied.Speaking at a national financial security summit, Gou Wenjun, the director of the Anti-Money Laundering (AML) unit at the PBoC, pointed to the risks associated with leaving the new trends of the crypto ecosystem like NFTs and metaverse unregulated. He claimed that, while people would use said virtual....