Chinese internet giants remove NFT platforms fearing gov't crackdown
WeChat removed several accounts for digital collectible platforms for violating the policy of illegal trade, while Ant Group and Tencent-owned NFT platforms updated their user agreements. China's leading social media platforms and internet giants have updated their policy to restrict or remove nonfungible token (NFT) platforms, citing a lack of regulatory clarity and fearing government crackdown.Chinese social media giant WeChat reportedly removed several digital collectible platform accounts for violations of the rules. Digital collection platform Xihu No.1, one of the hyped NFT projects....
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While NFTs are not banned in China like cryptocurrencies, the government has warned against fraud risks associated with the nascent sector. China’s internet giant Tencent has reportedly shut down one of the two nonfungible token (NFT) platforms owing to declining sales aided by the regressive monetary policies of the Chinese government.Tencent shut down one of its NFT platforms on July 1 while the other one is struggling to remain afloat. A report from a local daily indicates that the wind-down process for the same began in May. The tech giant transferred key executives responsible for....
China remains one of the jurisdictions that has recently meted out stringent measures and cryptocurrencies and NFTs. The Chinese authorities leased out a high level of restriction and crackdown on crypto mining in 2021. The major attack was pushed on Bitcoin mining because of its high electricity consumption associated with the process. Also, the country […]
A crackdown on bitcoin mining by China has led to an increase in the number of Thai investors that have acquired and are operating mining rigs, a report has said. The report adds that many of these investors are currently earning between $30 and $40 per day from each mining rig.
Chinese Crackdown and the Effect on Mining Rig Prices
The number of bitcoin miners in Thailand surged in 2021 after China’s ongoing crackdown on bitcoin mining forced major players in the industry to quit or to ship their equipment to countries with friendlier regulations.
As explained....
Yesterday, Caixin reported that the PBOC, led by the Payment and Clearing Organization of China, has been having meetings and interviews with commercial banks, third party payment processors, and Bitcoin exchanges within China. PBOC officials made it very clear that they wished to completely cut off the funding line of Chinese RMB into Bitcoin trading platforms around the country. The renewed interest in Bitcoin by the PBOC has led to funding shuffles from every Chinese Bitcoin exchange. Cryptocurrency exchange rates across the board have suffered since the first rumors of renewed the....
Major Chinese bitcoin mining rig manufacturer Canaan has argued against China 's recent regulatory crackdown on the industry.