Chinese digital economy to integrate Crypto and NFTs

[Ambire]

The Chinese government has announced that it will be integrating cryptocurrencies and NFTs into its digital economy.

The Shanghai Municipal People's Government mentions blockchain and NFTs in a document addressed to its district governments, offices, and bureaus.
This move is seen as a way to boost the country's adoption of blockchain technology and promote innovation.

However, some are skeptical of the government's motives, as it has a history of crackdowns on cryptocurrency exchanges and trading.
Nonetheless, this is a positive development for the cryptocurrency and NFT industries, and it will be interesting to see how China implements these technologies in the future.

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[Gayong88]

NFT is the future of gaming and virtual goods. Although the concept is still too new to attract mass adoption, it is undeniable that NFT will experience a surge in popularity in the years to come.,

If we look at population growth and there is regulatory support for the discourse, this is a promising development for China itself. I think the future will likely bring more clarity to this issue as well as continued innovation of blockchain applications in finance.

[icalical]

The Chinese government has announced that it will be integrating cryptocurrencies and NFTs into its digital economy.

The Shanghai Municipal People's Government mentions blockchain and NFTs in a document addressed to its district governments, offices, and bureaus.
This move is seen as a way to boost the country's adoption of blockchain technology and promote innovation.

However, some are skeptical of the government's motives, as it has a history of crackdowns on cryptocurrency exchanges and trading.
Nonetheless, this is a positive development for the cryptocurrency and NFT industries, and it will be interesting to see how China implements these technologies in the future.

Chinese government was never consistent on how it stands on crypto and most of the news about Chinese Government related to Crypto is he said she said, so I will not really believe it until it happened. However this kind of news probably will have good impact on the crypto price.

[avikz]

The Chinese government has announced that it will be integrating cryptocurrencies and NFTs into its digital economy.

The Shanghai Municipal People's Government mentions blockchain and NFTs in a document addressed to its district governments, offices, and bureaus.
This move is seen as a way to boost the country's adoption of blockchain technology and promote innovation.

However, some are skeptical of the government's motives, as it has a history of crackdowns on cryptocurrency exchanges and trading.
Nonetheless, this is a positive development for the cryptocurrency and NFT industries, and it will be interesting to see how China implements these technologies in the future.

Don't ever believe the Chinese government and their statements. They can change their statement whenever they wish to. China is the first country which banned ICO platforms. They had launched crackdown on crypto miners. They have taken multiple steps to curb the usage of cryptocurrency in their economy. So I just can't digest this statement.

Do you have a link from a chinese website? Even though it doesn't hold much value but still that will be good for reference.

[ryzaadit]

No, no, not this again~

Next news, they're gonna go back again with some "Ban" news channel. One things people should know, never belive in Chinese regulation is a little bit hypocrite since they always accept and ban crypto in the next years.

Let's continue without them, and just ignore a ban news from them soon!

[sunsilk]

Just as those many have been skeptic, that's what I've already thought upon reading the first sentence.

Well, the source of this news: Shanghai included blockchain, NFTs and Web3 in its 5-year plan

It's like another state that have given a go signal inside a country that has banned it before. We'll see how they're serious about it with their 5-year plan towards this adoption.

[TravelMug]

The Chinese government has announced that it will be integrating cryptocurrencies and NFTs into its digital economy.

The Shanghai Municipal People's Government mentions blockchain and NFTs in a document addressed to its district governments, offices, and bureaus.
This move is seen as a way to boost the country's adoption of blockchain technology and promote innovation.

However, some are skeptical of the government's motives, as it has a history of crackdowns on cryptocurrency exchanges and trading.
Nonetheless, this is a positive development for the cryptocurrency and NFT industries, and it will be interesting to see how China implements these technologies in the future.

Chinese government was never consistent on how it stands on crypto and most of the news about Chinese Government related to Crypto is he said she said, so I will not really believe it until it happened. However this kind of news probably will have good impact on the crypto price.

It's only bitcoin that they hate since 2017, it all started when they investigated their local exchanges and then some of them are forced to leave and now they attack bitcoin mining.

But they love everything related to altcoin, I forgot which one is Made in China way back in 2017 in which they rank it higher in bitcoin. They have this ranking released every month or every quarter, (again forgive my lack of memory here).

So I'm not surprised that they are going into digital Yuan and then integrating NFT's into their government. At least they have control over it.

[killerfrost]

I've always been skeptical about how information is spread without easy verification, and we all know that in this space, that happens more often than not. It doesn't matter if they're going to be for or against anything in this space, but overall, I think the field still needs time to reposition useful applications for the market. school. In the past, the production of related products was considered an exaggeration when it did not meet the applicability of simply following the trend and observing too many things.

[Wexnident]

Interesting. Most of the hate about crypto that China had was about Bitcoin since they couldn't control it, hence why they made their own. Afaik they don't hate cryptocurrency exactly, so them trying to integrate NFT's and Crypto would mean that they're probably planning on doing something to the ecosystem they'd use so that it'd stay firmly under their control. Though I'm more interested in how said integration is actually going to work though and if it actually has any uses aside from, well, being looked at.

[Saisher]

The Chinese government has announced that it will be integrating cryptocurrencies and NFTs into its digital economy.

The Shanghai Municipal People's Government mentions blockchain and NFTs in a document addressed to its district governments, offices, and bureaus.
This move is seen as a way to boost the country's adoption of blockchain technology and promote innovation.

However, some are skeptical of the government's motives, as it has a history of crackdowns on cryptocurrency exchanges and trading.
Nonetheless, this is a positive development for the cryptocurrency and NFT industries, and it will be interesting to see how China implements these technologies in the future.

It's legit and this is the link to the article

https://coinquora.com/chinese-government-to-integrate-crypto-nft-in-its-digital-economy/

They see NFT as legit so they are supporting it and I would like to quote the article

They also plan to pilot the protection of digital rights and “the global circulation of digital IP.”

They ban Cryptocurrency in the past because of the so many scams but they view NFT as something different and they want to create innovation out of it, maybe this is the trend that will get back China's trust in Cryptocurrency.

[evichi]

China government is known for inconsistency on its stand on cryptocurrency, they are known more for crack downs on crypto and associated businesses. So it is right to be careful and skeptical about China moves because they may have ulterior motives. On the other hand, China government may have reviewed its stand on cryptocurrency an may have discovered ways it could be beneficial to the government. IMO the news should be viewed with mixed feelings for now and needs more time before confirming that the government have good motives towards cryptocurrency.

[Jating]

Perhaps the government find something in NFT that is why they are now in their radar.

We don't know yet, but sooner or later they will. I heard news that NFT market place is being used by criminals to launder their money, so maybe the government is trying to crack at it and maybe look for clues is there if there is some people within China is using it? Who knows, Or maybe the government will mint their own NFT? anyhow, let's see how it goes, what if the hype on NFT died down, will they continue to integrate NFT?

[Wiwo]

The question we should ask is, what have happened to Chinese government to have want to integrate NFT into their economies since Chinese have a long record of anti Bitcoin laws that have lead to so many harsh directives that have hampered the growth of cryptocurrency market in that region. But since NFT is a highly centralized crypto networks with lots of individuals developing and controlling various NFT projects, which have led to so many security challenges in recent times, with the Kate's being an exchange hack. This has given the young development such as NFT to witness some big set back.

[malcovi2]

how can it be positive when they banned crypto related activities in their country? So, now they want to do nft and then ban it in the future.

[tbct_mt2]

They have trial and launch of Chinese Yuan CBDC so they actually use blockchain technology for their national finance system.

Though it is a good choice, it does not lead to decentralized CBDC in China. Their CBDC is in control, centralized of Chinese government. With politics in China, human rights, freedom and decentralization in finance are impossible.

Integrate crypto and NFT into their national finance, I don't know but it is more possible than a decentralized Chinese CBDC.

[bluebit25]

Well, the leading big parties recognize the positive things to apply to their lives, not some financial hoax. Perhaps we need to distinguish this more clearly. The recent trend in the market has given me a sense of how small and easily controlled it is by the news, so in the future, when a larger boom occurs, I believe there will be fewer instances of this situation. rampant about exaggerating the nature of this work.

[Jawhead999]

After all it's just a centralization where they want to create their own crypto, NFTs and exchanges for their citizens, but they will ban anything that decentralized and can't be controlled by them. Take a look how they banned google, facebook, reddit etc since they're only use anything that created by their country. Honestly it's not an adoption, but just an exaggerated news that make China is friendly with crypto and NFTs.

Promoting digital trusted transactions based on blockchain and electronic identity verification technologies. Promote big data trusted transactions, use consensus algorithms to achieve trust and transaction confirmation, and focus on developing smart contract management and operations platforms.

[vv181]

I would presume all of their integration will be continuously and thoroughly monitored and censored. Seriously, why does the Cointelegraph mentioned above, state that they are willing to invest in decentralized technology, and privacy-enabled technologies? It completely contradicts what they are currently doing with The Great Firewall.

To quote:

A planned exploration of Web3 opportunities would include researching a multi-platform OpenID, distributed data storage, a decentralized domain name resolution system (DNS) and end-to-end encrypted communication technology, complemented by the update of itshardware base and deployment of 6G, Internet Protocol version 6 (IPv6), sixth-generation wireless network technology (Wi-Fi6) and quantum communication.

It will be outrageous if they truly implement that.

[hugeblack]

Is there any trusted source that can confirm that this news is denied, many people confuse digital currencies with cryptocurrencies, and sometimes even large agencies.
Second, the integration of nft tokens will not be valuable unless they want to imitate the characteristics and start a new protocol with the central systems of digital currencies, which will not be news related to cryptocurrencies.

[jostorres]

It's only bitcoin that they hate since 2017, it all started when they investigated their local exchanges and then some of them are forced to leave and now they attack bitcoin mining.

But they love everything related to altcoin, I forgot which one is Made in China way back in 2017 in which they rank it higher in bitcoin. They have this ranking released every month or every quarter, (again forgive my lack of memory here).

So I'm not surprised that they are going into digital Yuan and then integrating NFT's into their government. At least they have control over it.

They hate btc or btc mining to the fact that it was harmful to the environment while other cryptos doesn't have a strong effect as bitcoin, that is why they are still willing to accept them. The ranking that they have created are not global and it's normal that btc have been surpassed because they discourage the use of btc on their country.

This was indeed a positive news as long as it's true of course. Maybe this is the one that we have been waiting for which can save the market from falling further. Nft supporters are going to be glad with this because the nft's hype are going to be alive once again but those who hate nft's are for sure disappointed for this.