China is still one of the nations that has recently imposed strict regulations on cryptocurrencies and non-fiat currencies.
In 2021, the Chinese government established a high level of control and ban on crypto mining.
Bitcoin mining was the target of the big attack due to the significant electricity usage linked with the activity.
Furthermore, the country was aware of the increasing pollution associated with cryptocurrency mining.
Several crypto mining companies in China were shut down as a result of the Chinese government’s intervention.
The value of crypto tokens, particularly BTC, dropped during the attack. The impact of China’s ban on crypto price performance last year will be remembered only as a footnote.
Similarly, there has been recent speculation that the Chinese government may launch a crackdown on some of the world’s largest internet companies and social media platforms called WeChat and WhaleTalk.
The companies are already revising their policies to prevent non-fungible tokens from being traded on their platforms.
The lack of regulatory consistency was also noted as one of the factors.
WeChat, the social networking and internet behemoth, has banned certain accounts from its digital collectable marketplace.
The reason for this was because they had broken the operating regulations.
Xihu No.1, a digital collection platform that is part of the promoted NFT projects inside the NFT marketplace, was one of the platforms that WeChat banned, as shown in a report from a local newspaper. Dongyiyandian also announced the suspension of its official app.
WhaleTalk, for its part, has reiterated its stance of increasing the penalties for using an Over-the-Counter (OTC) desk to trade NFTs.
WhaleTalk is a digital collectable platform created by the Ant Group, a software giant. Although NFTs are not prohibited, any speculative trade in NFT collections is forbidden.
Many platforms’ activities are explained by Google-translated information based on the lack of clear adherence of digital collections. Violations of compliance are being aggressively suppressed on these sites.
Their goal is to prevent any additional ramifications from such activity.
Image source: BBC