An alternative to NFT will be presented in China

An alternative to NFT will be presented in China

China may present an alternative to decentralized NFTs that would suit the ruling Communist Party. This statement was made by the well-known crypto-insider Colin Wu.

According to him, now government representatives are negotiating with IT corporations about their abandonment of non-fungible tokens and the transition to alternative digital collecting technologies.

They are likely to be more controllable, in line with the party’s vision. Earlier in the country, a ban was imposed on any operations with cryptocurrency. The only virtual coin available to the people of China is the digital yuan issued by the People’s Bank.

Platforms for buying and exchanging NFTs were previously presented by two of the country’s leading corporations – Tencent and Alibaba. However, both have previously been seriously affected by the struggle of the Communist Party with the monopolies, and are unlikely to dare to oppose the new rules.

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