Tencent Holdings, a Chinese social media giant, has shut down its non-fungible tokens (NFT) platform Huanhe. It had only been around for a little over a year. The action is being taken because regulators are paying more attention to NFTs all over the country.
Huanhe came out in August as a way for Tencent to make money off of the growing popularity of NFTs. But China’s recent decision to ban the second-hand sale of digital collectibles has hurt the market a lot.
As regulator pressure goes up, Tencent slows down.
A report from Reuters says that Tencent has pulled out of the NFT market in a big way. This is because Chinese authorities have recently been paying more attention to this market.
So that the digital yuan pilot could be used by more people, China gave the general public access to its central bank digital currency (CBDC) during the 2022 Winter Games. In June, digital yuan transactions in China added up to a total of 83 billion yuan. Over 4.5 million businesses signed up for the program, and 264 million transactions were made in total.
The People’s Bank of China said that 11 more places would try out the digital yuan as part of its trial program. So, people who live in these places will soon be able to use digital yuan wallets.
Other countries, on the other hand, are just starting to make their own CBDCs. The US said it would start thinking about how to make a digital dollar. India, which has one of the world’s biggest economies and the fastest rate of growth, just released a study about a virtual rupee.
examining NFTs
NFT is a type of digital asset that is used to identify things and events in the blockchain industry. In the last few years, the NFT industry has become more well-known and has been used in a number of ways. NFTs can be used to show digital art, music, movies, and other types of digital information. They can also represent real things like tickets or passes.
Legally, the change from physical assets to digital and electronic assets makes it possible to trade. Managing new economies, on the other hand, is hard. Of course, the Beijing government is trying to keep up with the latest technology.
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