Leading Social Media Platforms and Internet Giants of China The policy has been updated to limit or remove nonfungible token (NFT) platforms, citing lack of regulatory clarity and fears of government crackdown.
Social media giant WeChat reportedly It has deleted several digital collectibles platform accounts for violating regulations by the Xihu No.1 platform, one of the popular NFT projects in the market. It is one of the removed platforms. and another platform called Dongyiyuandian It has revealed that the official app has been banned. according to local news sourcesreport
WhaleTalk, a digital collectibles platform launched by tech giant Ant group. It has also updated its policy to increase penalties for using OTC for NFT trading. But any form of speculative trading involving tokens obtained from digital accumulators is still prohibited.
The increase in the number of illegal transactions involving NFT platforms has prompted many tech giants to take precautions. During the comprehensive crypto ban announced in September 2021, stating that any companies found to assist crypto transactions or foreign crypto companies, those companies will be held accountable. And changes to user agreement policies appear to have been made to avoid government crackdowns.
Although crypto is strictly prohibited in mainland China. But the Beijing government has shown no intention of banning NFTs, which is one of the main reasons Tencent and Alibaba filed several new NFT patents in the past year. However, the growing popularity of digital collectibles in China. As a result, the trend of price speculation and fraud followed.
Reference: LINK
picture LINK
The post Chinese internet giant withdraws its NFT platform after fears of government crackdown appeared first on Bitcoin Addict.