Located in southern Hainan, the Chinese government has promised to strengthen strict regulation of the interior space of the irreplaceable token (NFT) to promote the healthy development of the industry and crack down on fraud and other related risks.

In addition, the people's Bank of China (PBoC) announced that it was developing a role for the central bank's digital currency demonstration project, namely digital RMB or e-CNY.

NFT control

In a statement released on January 29th, Hainan's market regulator and nine other provincial organizations outlined a long-term plan to ease the plight of the NFT industry.

The translation of the document shows that regulators are focusing on non-free trade zones as part of the digital social economy, especially as a way to attract foreign investment in Hainan's free trade port.

However, provincial and ministerial governments hope to control the NFT sales market by limiting false information content, speculation, copyright theft, fraud, money laundering and fabricating use value.

Some countermeasures include "strictly" cracking down on false advertisements within the framework of existing standards such as the Anti-unfair Competition Law, guiding and urging online platforms to delete such specific content to prevent copyright infringement, and severely crack down on fraud.

It also said that the cultural and educational masses should master the "risks and laws and regulations" of the industry, so that they can "choose and buy carefully" and avoid suffering losses as a result of speculation.

Since the popularity of the NFT industry, Chinese government departments have always had a unique view of the industry. Although this asset class is not as explicitly banned as China's personal digital currency, government agencies are usually quick to block speculation by individuals in any way.

Digital elements bring bells and whistles.

In addition, China's central bank plans to add a new role in the long-term digital renminbi experiment, according to a notice released by Baidu search on Jan. 30.

The central bank says it is developing trading software based on QR codes so that consumers can have 'one-code scanners' to make CBDC more user-friendly.

The statement stresses that this kind of technology integration will help China "complete the data sharing of digital RMB system software and traditional electronic payment tools".

Another boasted benefit of QR code system software is that stores will be able to "adapt to a variety of transactions" while limiting the increase in customer costs.

China's central bank notes that in 2022, it has launched CBDC at demonstration sites in 17 provinces and launched about 30 digital red packet grabbing activities, which involve airdropping a small amount of property to Chinese citizens.

The campaign is used to promote the use of digital renminbi, especially at the level of green travel payments such as urban public transport.

Related to:The BTC Community in the United States takes action on the upcoming CBDC and digital release.

Earlier that month, the e-CNY Internet integrated blockchain smart contract launched an important update.

According to 8btc, a local data encryption news media, the role of the smart contract was launched by Meituan takeout's distribution application dedicated to food retail.

When customers submit orders, purchases, and payments with their e-CNY wallets, smart contracts open and retrieve the keywords and items they buy. If a user buys something in the keyword directory of the day, he will participate in the lucky draw and receive a portion of the reward worth about $1300.