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China’s Hainan will increase NFT oversight as digital yuan trial ramps

China's Hainan will increase NFT oversight as digital yuan trial ramps

The market regulator for Hainan wants to promote NFTs as part of the digital economy, but will also work hard to get rid of bad actors and speculative behavior.

Southern China’s Hainan province has promised to keep a closer eye on the nonfungible token (NFT) market to “promote the healthy development” of the market and stop fraud and other risks.

In a separate announcement, the People’s Bank of China (PBoC) also said that it is working on new features for its Central Bank Digital Currency (CBDC) pilot program, also known as the digital yuan or eCNY.

Long-term plans for NFTs

In a public notice posted on Jan. 29, Hainan’s market regulator and nine other agencies from the province laid out a long plan for dealing with the NFT sector going forward.

A translation of the document shows that the regulator is putting a lot of effort into promoting NFTs as part of the digital economy, especially as a way to attract foreign investment in the Hainan Free Trade Port.

The province agencies, on the other hand, said they want to keep an eye on the NFT market in a way that prevents “market chaos” like false information, speculation, theft of property rights, fraud, money laundering, and fictitious value.

Adding bells and whistles to the digital yuan

The People’s Bank of China (PBoC) plans to add new features to its long-running pilot tests of the digital yuan, according to an announcement posted on Baidu on Jan. 30.

The bank said that it is working on a transaction system based on QR codes so that customers can “scan with one code.” This would make the CBDC easier to use.

Such technological linkages will enable China “realize the interconnection between the digital Renminbi system and traditional electronic payment tools,” according to the report.

A further purported advantage of the QR code system is that retailers will be able to “support various transactions” without increasing prices for consumers.

The eCNY network received a significant upgrade this month with the incorporation of smart contracts.

smart contract features were launched through the food and retail-focused delivery app from Meituan, according to According to a report from local crypto media outlet 8btc.

When consumers place an order and pay for it using their e-CNY wallet, a smart contract is triggered and searches the order for keywords and items. If a customer purchases an item from the list of daily keywords, they are entered into a draw to win a part of a prize worth approximately $1,300.

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