Chinese tech majors take a stance against trades and speculations against non-fungible tokens (NFTs). Local authorities look for crypto-related activities in an economic development zone in eastern Jiangxi province. Chinas high court supports more blockchain tech. Chinas Ministry of Industry and Information Technology pushes to create more blockchain standards.
The world of blockchain moves fast, and nowhere does it move faster than China. Heres what you need to know about Chinas block-world in the week of Oct. 27 to Nov. 2.
Chinese tech giants Ant Group, Tencent, and JD.com, signed a self-regulation convention on NFTs with state organizations on Oct. 31. The tech giants vowed to boycott speculative activities surrounding NFTs, or digital collectibles, as they called them. Last week, Ant Group and Tencent stopped using the term NFTs to refer to or describe their NFT platforms and products, in an attempt to distance their products from the crypto market. (Coindesk)
An economic development zone in Chinas eastern Jiangxi province recently investigated and clamped down on cryptocurrency activities. The zone in Ganzhou city teamed up with the municipal branch of Chinas central bank, the citys economics and financial office, the zones Public Security Bureau, and other entities as part of the move. The group went into two areas in the zone Hengke Industrial Park and International Enterprise Center (our translation) to check companies offices, business licenses, and business activities for crypto-related activity. (Ganzhou economic development zone committee, in Chinese)
See original here:
