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Chinese Central Bank: NFT, Metaverse ‘Could Become Money-Laundering Tools’
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The Chinese central bank’s anti-money laundering chief has spoken out about non-fungible tokens (NFTs) and metaverse projects – suggesting that there may be a need to regulate these sectors in the same manner as it polices cryptoassets.
In two crackdowns (one in September 2017 and the second in September this year), the central People’s Bank of China (PBoC) has effectively banned most forms of crypto trading and crypto exchanges targeting Chinese citizens based on the mainland.
The bank and other government organs have also squashed the nascent Chinese NFT industry, forcing tech giants who had planned to issue large collections onto private blockchains and imposing strict restrictions on NFT trading to “reduce speculative hype.”
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