China’s crypto crackdown comes for NFTs
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This week, Tencent froze a dozen WeChat accounts linked to NFTs on the grounds that they encouraged speculative risk.
While cryptocurrencies have been torched in China, their fellow blockchain technology, NFTs, have stayed relatively unscathed. There currently exists no regulation of the digital collectibles in the country, and people can buy them freely from online marketplaces—although they must pay in renminbi, not BTC or ETH, and the tokens are also not built on popular blockchains like Ethereum, but rather ledgers under Chinese regulators’ purview.