China stands among the top jurisdictions with solid opposition to crypto assets and NFT culture. The region shook the crypto space in 2021 with restrictive measures on crypto mining.
It pronounced a complete crackdown on BTC mining which brought a drastic decline in the value of BTC. Also, its stance on virtual currency affected the entire crypto market negatively till today.
Over the years, China has maintained a clear restrictive position regarding using cryptocurrencies. This led to its drastic movement against digital assets in 2021. But its stance on Web3 technologies that involve NFTs and the exchange of tokens is currently foggy.
The Chinese government has suddenly developed an interest in the metaverse due to the growing speed in this space. This growth facilitates its plan to create a metaverse economy within the region. But its restrictive measures on crypto assets are limiting the development plans.
Wuhan Removes NFT Culture From Initial Metaverse Draft Plan
A source disclosed that the Wuhan region of China is ready to dive into Web3 innovative technologies. The city plans to leverage the metaverse by developing a suitable economy for its region.
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