Central Bank of China to Ban the use of Bitcoin, Ethereum, USDT, etc. for NFT transactions.

Share This Post

Previously, as reported by Cryptonks, China Seized 3500 Bitcoin Miners. Now, Central Bank Of China to soon ban Bitcoin, Ethereum and other cryptocurrencies for NFT Transactions.

According to a reporter from Shanghai Securities News, the China Internet Finance Association, the China Banking Association, and the China Securities Association launched a joint effort on April 13 to eliminate financial risks associated with new financial technologies (NFTs). and said “For NFT issuance transactions, do not employ virtual currencies like Bitcoin, Ethereum, or Tether as pricing and settlement mechanisms”

To the second, one must remain faithful to one’s essential principles while refraining from taking financial risks.

Stopping the trend of NFT financialization and securitization, eliminating the danger of unlawful financial activity, and adhering to the following code of conduct will go a long way toward achieving these goals.

First and foremost, financial assets such as securities, insurance, credit, precious metals, and other financial assets should not be included in the underlying commodities of NFT, and financial goods should be created and traded under a fictitious name.

Second, by dividing ownership or batch production, it does not lessen the non-homogeneous qualities of NFTs, and it conceals the financing of token issuance (ICO).