Xinhua News Agency to Issue NFTs as Beijing Softens Stance

Xinhua News Agency to Issue NFTs

China’s official Xinhua News Agency has announced that it will launch its first series of NFT collectibles, despite the government’s earlier crackdown on the sector.  

Xinhua is expected to publish 10,000 copies of 11 photos taken by journalists in 2021.

China has shifted focus to the non-fungible tokens and metaverse after banning Bitcoin and Ether mining and maintains strict regulations would be observed. 

Some websites in China like ChainNews closed in an anti-crypto crackdown move, and the media slowed their activities but maintained communities on social media.

China’s NFT clients are restricted from trading activities, where NFTs cannot be resold. The currency that can be used in dealing with NFTs is the government-backed renminbi.

Large Chinese corporations like Tencent and Huawei have not been blocked from venturing into the metaverse despite policies.

Source: Xinhua

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