China’s Xinhua News Agency to Issue NFTs Despite Crackdown on Crypto – News Bitcoin News

Xinhua will publish a NFT collection that includes photographs of historic events from the year. This initiative comes amid a continuing crypto crackdown and is seen as an encouragement for blockchain technology, which also supports cryptocurrencies.

Xinhua will create digital collectibles based on photo reports

The Chinese state-owned news agency Xinhua will soon issue a digital collection that includes news stories from the year 2021. Each photo will only be available for 10,000 copies. They will be issued free of charge via Xinhua’s news app, using non-fungible token (NFT) technology, the agency announced, quoted by Bloomberg and Reuters.

The collection, which also features a photo commemorating the 100th anniversary of the Chinese Communist Party, will “imprint digital memories into the metaverse,” Xinhua noted. Euronews remarks that Beijing-controlled media has in the past described the virtual reality space as “an illusionary concept.”

On Wednesday, stocks of Chinese companies such as Perfect World and Goertek rose. Ant Group and Tencent Holdings, a social media company, have issued NFTs via their blockchain platforms in the past. Tencent released a November statement stating that Beijing will allow the metaverse under domestic rules.

NFTs are not being targeted in particular, however the Chinese government reaffirmed broad-based restrictions originally imposed on crypto currencies in 2017. А number of related activities such as trading, exchange, and fundraising through coin offerings were banned.

The crackdown on Bitcoin mining began in May, following a State Council decision. A few days ago, a state-controlled industry organization blacklisted crypto-themed short videos shared online in the People’s Republic.

The digital collection, which Xinhua described as “a unique year-end review,” will be issued on a blockchain from Tencent Cloud. The NFTs will feature unique identification and ownership information, the agency noted, while highlighting their “special commemorative significance and collection value.”

In this story, tags
Agency, Ban, Bitcoin, Blockchain technology, China. Coin offerings, collectibles. Collection, Crypto, Cryptocurrencies. Cryptocurrency. Digital Collectibles. Exchange. Initiative, Media. Mining. Photographs. Photos. Reports. Restrictions. Tencent. Tencent Cloud. Tokens. Trading. Xinhua.

What do you believe other Chinese entities will do with NFTs in the future? Please comment below with your thoughts.

Lubomir Tatsev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Images CreditsShutterstock. Pixabay. Wiki Commons

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