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Chinese tech giants will verify ID before to NFT transactions


According to a report in the South China Morning Post on Monday, China’s NFT sector leaders and the country’s major technology businesses have struck an agreement to verify the identification of customers using digital collectable trading platforms.

Companies having a stake in China’s NFT sector, such as, Tencent Holdings, Baidu, and digital payments platform Ant Group, an offshoot of Alibaba Group, signed a “self-discipline effort” agreement.

The China Cultural Industry Association released a paper on June 30 that, although not legally obligatory, called on enterprises to “demand real-name identification of people who issue, sell, and acquire” NFTs and “only support legal money as the denomination and settlement currency.”

To counteract trading speculation, the initiative also asks corporations to commit not to build secondary markets for NFTs.

Despite several official warnings, the popularity of NFTs in China is growing, and digital collectible platforms have risen 5x in only four months from February to mid-June 2022.

About Tiffany Ellis

She is a smiley curious writer from the USA. She loves Cryptocurrencies, Arts an also NFTs.

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