Tencent and Ant Group to ban cryptocurrency

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Tencent and Ant Group to ban cryptocurrency
Tencent and Ant Group to ban cryptocurrency

To ban cryptocurrency and fight speculation, Tencent and Ant Group joined a self-driven industry initiative

To ban cryptocurrency and digital collectibles (NFTs), Chinese internet and tech giants on Monday signed an initiative, along with a promise not to establish secondary marketplaces.

According to the South China Morning Post, to ban cryptocurrency and fight speculation, Tencent and Ant Group joined a self-driven industry initiative.

Platforms that sell digital collectibles “shall require real-name authentication of those who issue, sell and buy” the assets and “only support legal tender as the denomination and settlement currency,” according to the document signed by China’s biggest tech firms.

“Do not contain financial assets or unlicensed financial products, including securities, insurance, credit and precious metals, in blockchain-supported goods,” it added.

To prohibit the NFTs in the issuance of financial assets, the National Internet Finance Association of China, the China Banking Association, and the Securities Association of China issued a joint statement in April this year.

For bidding, matching, or anonymous NFT trading, the new initiative called on tech firms not to “set up a centralised marketplace.”

The Chinese government banned Bitcoin mining in July last year.

It has plans to launch its central bank digital currency (CBDC) called the digital Chinese yuan (e-CNY).

The country banned all cryptocurrency transactions last September and barred foreign crypto exchanges from operating within the country in 2018.

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