A marketplace for digital assets is soon going to open in China under a public-private partnership, local media revealed. According to the report, the goal is to establish a regulated trading platform for digital collectibles as part of government efforts to curb market speculation with such assets.
Chinese authorities are preparing to launch a state-controlled platform allowing the trading of non-fungible tokens (NFTs) and other digital assets, local media announced. The initiative is a joint project between government organizations and a private company.
The “China Digital Asset Trading Platform,” built in partnership by the China Technology Exchange, China Cultural Relics Exchange Center, and Huaban Digital Copyright Service Center Co. Limited, will launch on Jan. 1, 2023, the report by Sina Finance detailed on Wednesday.
The marketplace will operate under the license of the China Digital Exchange, set up by the Ministry of Science and Technology, the State Intellectual Property Office, the Chinese Academy of Sciences, and the Beijing municipal government.
The exchange facilitates purchase and sale of intellectual, scientific, and technological property rights in the People’s Republic. It will provide the underlying infrastructure for the new trading platform, taking responsibility for processing transactions and implementing settlement mechanisms.
The new marketplace will be compliant with applicable regulations and provide trading services for digital collectibles and digital copyrights, Huaban President Yin Tao explained. As China has been cracking down on crypto-related activities, the term “digital collectibles” is often preferred by media outlets and companies over “NFTs” to avoid association with cryptocurrencies.
In terms of supervision and compliance, this market faces some uncertainties and greater compliance risks, but laws and regulatory policies will be gradually improved, commented Yu Jianing, co-chair of the Blockchain Committee of the China Communications Industry Association.
A ban on the resale of digital collectibles imposed by Chinese regulators to limit market speculation with these assets was reportedly the reason behind Tencent’s decision to close down its NFT platform, Huanhe. The news of the move came out in July, only a year after its launch.
In June, the popular social media app Wechat, also operated by the Chinese tech giant, announced its intentions to prohibit public accounts facilitating secondary trading of non-fungible tokens. Soon after, the Tencent News app stopped selling NFTs.
Do you think China will eventually expand the opportunities for regulated digital asset trading beyond NFTs? Tell us in the comments section below.
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.
A marketplace for digital assets is soon going to open in China under a public-private partnership, local media revealed. According to the report, the goal is to establish a regulated trading platform for digital collectibles as part of government efforts to curb market speculation with such assets.
Chinese authorities are preparing to launch a state-controlled platform allowing the trading of non-fungible tokens (NFTs) and other digital assets, local media announced. The initiative is a joint project between government organizations and a private company.
The “China Digital Asset Trading Platform,” built in partnership by the China Technology Exchange, China Cultural Relics Exchange Center, and Huaban Digital Copyright Service Center Co. Limited, will launch on Jan. 1, 2023, the report by Sina Finance detailed on Wednesday.
The marketplace will operate under the license of the China Digital Exchange, set up by the Ministry of Science and Technology, the State Intellectual Property Office, the Chinese Academy of Sciences, and the Beijing municipal government.
The exchange facilitates purchase and sale of intellectual, scientific, and technological property rights in the People’s Republic. It will provide the underlying infrastructure for the new trading platform, taking responsibility for processing transactions and implementing settlement mechanisms.
The new marketplace will be compliant with applicable regulations and provide trading services for digital collectibles and digital copyrights, Huaban President Yin Tao explained. As China has been cracking down on crypto-related activities, the term “digital collectibles” is often preferred by media outlets and companies over “NFTs” to avoid association with cryptocurrencies.
In terms of supervision and compliance, this market faces some uncertainties and greater compliance risks, but laws and regulatory policies will be gradually improved, commented Yu Jianing, co-chair of the Blockchain Committee of the China Communications Industry Association.
A ban on the resale of digital collectibles imposed by Chinese regulators to limit market speculation with these assets was reportedly the reason behind Tencent’s decision to close down its NFT platform, Huanhe. The news of the move came out in July, only a year after its launch.
In June, the popular social media app Wechat, also operated by the Chinese tech giant, announced its intentions to prohibit public accounts facilitating secondary trading of non-fungible tokens. Soon after, the Tencent News app stopped selling NFTs.
Do you think China will eventually expand the opportunities for regulated digital asset trading beyond NFTs? Tell us in the comments section below.
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.
The U.S dollar-Argentine peso exchange rate escalated during December, with the Argentine fiat currency reaching new historic lows as citizens ran to exchange their holiday payments for dollars. The U.S. dollar reached a value of 356 pesos on December 28, losing almost 10% during just one week, and threatening to spur a more significant inflationary jump.
Argentina, one of the countries in Latam with active exchange control for foreign currencies, is facing difficulties maintaining the value of its fiat currency. The exchange between U.S. dollars and Argentine pesos reached historic levels, with the peso sinking to its lowest level ever on Dec. 28. The dollar reached a price of 356 pesos in its parallel cash denomination, also called “blue,” having closed November with a value of 314 pesos per U.S. dollar.
The Argentine peso plummet accelerated last week when it lost more than 10% of its value. Since the start of 2022, the Argentine currency has lost more than 70% of its value, having started the year with a value of 207 pesos per U.S. dollar. This decline has caused Argentines to drop their peso-based savings, migrating to dollars and stablecoins as a hedge.
Analysts who seek to explain the historic drop in the currency’s value mention that there are two main elements making the exchange rate soar. The first one has to do with the abundance of pesos in the market due to payments companies have made, increasing the demand for dollars in an ecosystem with exchange controls.
The other has to do with the political and legal uncertainty created by the attempt of Argentine president Alberto Fernandez to disobey the mandate of the maximum tribunal in Argentina, a situation that is still under development. Whichever may be the cause, this abrupt rise is threatening to bring even higher levels of inflation to the nation, which was expecting to close the year with an inflationary level of 100%.
Juan Pablo Albornoz, an Argentine economist, expects this to affect the pricing structure in the country. He stated:
This rise could affect prices as usual in months after a nominally abrupt jump in the value of this rate.
Despite the Argentine government signing price control agreements, the fluctuation could create disruptions affecting the inflationary goals for next year. Fundacion Libertad economist Eugenio Mari explained:
In economies with high inflation the price system is destroyed. As a consequence, the exchange rate becomes the fundamental variable that companies and workers follow in order to adjust their prices.
What do you think about the historic drop in the Argentine fiat currency’s value? Tell us in the comments section below.
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Source From : News