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Chinese government launches operation against NFTs

2 min read

 

The 18th consecutive special action to combat online infringement and piracy in China now has a new focus. Thus, according to Chinese authorities, NFTs are one of the targets of law enforcement authorities now.

Steps of Chinese government against NFTs

In this way, the operation deals with rectifying infractions related to the sale of products online. This requires strengthening copyright oversight of online platforms, as well as investigating and addressing how they fulfill their core responsibilities.

Therefore, the operation seeks to help these platforms to “promptly eliminate” infringing content and accounts. In this way, the Chinese authorities say they guarantee that the rights of the holders are protected.

According to the NCAC’s public statement, another area to be targeted by the operation has to do with the NFTs. However, it was not clear how the operation will be carried out.

But the authorities said they will prevent it will severely crack down on the use of audiovisual material to create NFTs. Currently, NFTs, issued outside the platforms and standards set by the Chinese government, are banned in the country.

NFTs in China

“We will severely crack down on the unauthorized use of art, music, animation, games, film and television works to launch NFTs. Therefore, use to produce digital collections, sell pirated screenplays over the Internet, and develop screenplay image props without authorization will also not be tolerated,” the statement said.

However, the government has not stated what it will consider ‘unauthorised’. Therefore, it is not possible to distinguish whether it is “unauthorized” by the government or by the author of the work, or even by both.

The operation, as well as its launch, is in line with the 20th National Congress of the Communist People’s Party (CPP), scheduled for October 16. Congress is responsible for China’s future, including Xi Jinping’s expected term renewal.

Therefore, the congress must acclaim Jinping as Chinese president and general secretary of the CCP.

NFTs, or digital collectibles (the name NFTs are given in China) have grown tremendously under Xi. Its popularity soared in China as big tech giants including Tencent and Alibaba joined the bandwagon.

However, as China has banned cryptocurrencies, Chinese NFTs has nothing to do with cryptocurrencies. Furthermore, they can only exist on platforms that the government authorizes, as well as ‘blockchain networks’ that the government approves.

Which has led many in the crypto world to argue that they are not NFTs, but just another SQL on the government server.

This is what the Ethereum Merge means for NFTs

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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