China’s Social Media and networking platforms are restricting the NFT’s operations after observing the government’s stance in Crypto-related activities. The Chinese authority is planning to clamp down on the activity of such technology in the country.

Highlights

NFT services and technology seem to be banned by the Chinese Authority.
Any government notice regarding such issue not received.
Some NFTs like Xihu No.1, Whale Talk, and Dongyiyuandian are facing issues.

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Chinese Government plans to ban crypto-related activity in the country, the decision of the government inculcates the apprehension among the NFT operations provider including many Chinese Social Media platforms to clamp down the NFTs related operations in the country. The Social Media Tech companies started to restrict the operations of NFT platforms.

The NFTs are the Blockchain technology and the non-fungible tokens are the blockchain-based collectibles. Most of them are being sold in place of cryptocurrency. China has imposed several restrictions on cryptocurrency-related activity and made some crypto-related activity an illegal act of having a punishable nature.

China’s government has not issued any notices to social media companies to restrict the NFT services or ban the NFT operations but many NFT platforms stopped working in China and the news has been mentioned by local media reports.

Many Chinese platforms stopped their NFTs services like WeChat has taken down popular NFT platforms from its searches. The platforms that restricted the NFT operations are Xihu No.1 and Dongyiyuandian.

The Chinese regulatory policies for users also changed and the famous platform WhaleTalk making over the counter NFT transactions a punishable offense.

Cryptocurrency, as a legal asset are not been accepted by the Chinese government, and the transaction of such currency is a punishable offense in the country. Currently, El Salvador is the only country that declared cryptocurrency as a legal asset and the citizens of El Salvador are freely using it.

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