China’s central bank proposes to monitor metaverse and NFTs
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....
Related News
Gou Wenjun, director of the Anti-Money Laundering (AML) unit at the People’s Bank of China(PBoC), recently suggested that the already harsh Chinese crackdown on crypto could expand to the metaverse and NFTs, as he claims they represent various risks and more regulations should be considered. Related Reading | Trillion Dollar Mistake: Is China Planning To Reverse […]
Despite the Chinese central bank's proposal to monitor metaverse and NFTs, companies such as Tencent and Huawei are pursuing metaverse-related trademarks. Despite the People’s Bank of China’s (PBOC) warning on metaverse and nonfungible tokens (NFTs) in November, more than a thousand Chinese companies have submitted thousands of metaverse-related trademark applications.In a summit back in November, Gou Wenjun, the PBOC’s AML and Analysis Center Director, warned about the dangers of digital assets. According to Gou, because virtual assets have no physical basis, they can be used for illegal....
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,....
South Korea’s central bank has tested purchasing NFTs with their central bank digital currency (CBDC). In this week’s newsletter, read about how trademark applications for nonfungible tokens (NFTs) and the metaverse have grown in the United States. Check out how NFT marketplace OpenSea has launched a tool that can enforce NFT royalties on-chain and how the Chinese city of Wuhan backpedaled on its NFT plans while still pursuing the growth of metaverse economies. In other news, find out how NFTs can turn passive fans into active community members. And don’t forget this week’s Nifty News....
The National Bank of the Kyrgyz Republic (NBKR) revealed its new-year plans for the national crypto industry. They are about to introduce two drafts to regulate the country’s exchanges that aim to combat terrorism, money laundering, and protecting consumers. Kyrgyzstan Central Bank Set to Introduce Two Crypto Bills to Combat Terrorism Financing and Fraud According to Sputnik Kyrgyzstan, the central bank’s bills hope to add a series of anti-money laundering (AML) and combating the financing of terrorism (CFT) measures that should force local crypto exchanges to report their....