In July, STEPN will stop allowing Chinese users to ‘Move-to-Earn
StepN, a move to earn a game based on the Solana blockchain will end all of its affiliations in China in mid-July. Anyone with an IP address in China will not be able to earn any more tokens after the 15th of July.
This does not come as a shock because of China’s stance on cryptocurrencies. Not only that, their recent bans and regulations have resulted in a massive panic selling spree, which has weakened the equity and crypto market. This all began in July of 2021 when the Chinese government outright banned these currencies.
The Price of GMT also took a hit and is now down by 38%. Most of the StepN NFTs were trading for 8.5 SOL but after the announcement, they went down to 3.5 SOL. StepN says that they have made an effort to always by the local policies of a place and will comply with China’s new crypto restrictions too.
With the Chinese stance on cryptocurrency vague and not concrete, many of the crypto services have been withdrawing from the country. They first banned crypto and related activities but later eased up on the restrictions. As of now, this has been going on for a year and most DeFi companies do not want to risk being on the wrong side of the authorities.
With NFTs gaining more prominence China is a very lucrative market for these crypto artworks. But with no clarity on the fate of crypto in the mainland, most crypto enthusiasts and aggregators are now withdrawing their operations.