Tuesday, September 26, 2023
HomeNFTChinese tech giants vow to stop NFT secondary trading -state media

Chinese tech giants vow to stop NFT secondary trading -state media

Hong Kong, June 30 (Reuters)-Chinese tech giants including Tencent Holdings (0700.HK) According to China’s state media, Ant Group has signed an agreement to suspend secondary trading of digital collectibles and “self-regulate” its activities in the market.

Shanghai Securities News reports that these companies are one of 30 companies and institutions that have agreed to a “self-disciplined development initiative for the digital collection industry” to help prevent secondary trading and speculation of digital collections. did.

The newspaper added that the initiative was led by the China Cultural Industry Association, with other signatories including Baidu and JD.com.

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Digital collections in the form of non-fungible tokens (NFTs) have become widespread around the world in recent years, largely due to the active, if not speculative, secondary markets.

China has no clear rules regarding NFTs, but China has a long tradition of counteracting all types of speculation because of financial stability. For example, cryptocurrency transactions are prohibited.

Still, many Chinese companies have been actively experimenting with digital collectibles in recent months, with giants such as Tencent Holding and Ant Group opening their own online marketplaces. The official news agency of Xinhua also published the NFT collection in December last year. Residents of mainland China can only purchase NFTs using RMB. read more

The corporate self-regulatory agreement signed on Thursday contains a total of 14 articles. In addition to the ban on secondary transactions, signatories are required to implement real name authentication when selling digital collections to users.

The agreement also requires the platform to ensure that Block’s technology is “safe and controllable” and that the personal information of its users is adequately protected.

Tencent, Ant, Baidu, JD.com, and the China Cultural Industry Association did not immediately respond to requests for comment.

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Report by Josh Ye; Edited by David Evans

Our criteria: Thomson Reuters trusts the principles.


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