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China Crypto Roundup (Apr. 11-Apr. 17) :China Warned About NFT Hype

1. In 2021, a total of 4.56 million digital collections were sold in China, with a total value of about 150 million yuan. At present, the main application fields of digital collections in China include cultural and creative fields, sports and ticketing digital collections.

2. For the first time, HUAWEI CLOUD has released a digital collection with its brand IP. Users have the opportunity to obtain this collection by participating in the HUAWEI CLOUD “Everything as a Service” interactive activity.

3. China Internet Finance Association, China Banking Association and China Securities Association issued an initiative on preventing NFT-related financial risks: resolutely curb the tendency of NFT financialization and securitization, strictly prevent the risks of illegal financial activities, and consciously abide by the code of conduct.

4. Beijing Arbitration Commission points out in a dispute over Bitcoin: Virtual currencies, including Bitcoin, are virtual property and are protected by law. At present, there are no laws and administrative regulations in China that stipulate that virtual currencies including BTC are prohibited from circulation and can not be traded.

5. Hong Kong listed auto company BYD’s application for Metaverse trademark was rejected.

6. Ministry of Public Security of China: A large number of telecommunications fraud crimes use digital currency to launder money, and the use of USDT is the most serious harm.

7. Wen Xinxiang, director of the Payment and Settlement Department of the People’s Bank of China, said at a press conference today that it is necessary to strengthen risk prevention in new fields such as virtual currency and block criminal funds in an all-round way. The People’s Bank of China will organize the financial industry to guide commercial banks, payment institutions, and clearing institutions to fully implement various measures to prevent and control the “capital chain” in the financial industry.

8. Alibaba created a blockchain digital collection based on 195 precious cultural relics, and part of the proceeds will be used to support the development of cultural and expo public welfare undertakings.

9. Chinese internet security company Qihoo 360 launched a Metaverse social product “N World”. Everyone can create their own world. In it, users can create topics of interest, voice interactive immersive gameplay, identity cards, and private exclusive territories.

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