China has perhaps the most anti-cryptocurrency government in the world, despite Chinese citizens showing interest in the same. With the news of an NFT series launch by the Xinhua News Agency, the global crypto community found itself confused. The confusion and shock are even more since the Xinhua News Agency is the official media outlet of the Chinese government. Known for its strong anti-crypto sentiments, very few people would have expected an NFT series from the official news channel of China.
However, not everyone is equally shocked. Many experts claim that China has shown a softer stance towards NFTs and metaverse. Chinese companies like Tencent have been allowed to work in the metaverse and blockchain-based games. The Chinese government has also issued mandates making both these spaces heavily regulated but not banned.
In the past, another news agency from China launched its own NFT collection. The South China Morning Post launched its NFT collection in the Defi Summer of 2020. However, The South China Morning Post, is based in Hong Kong and not mainland China. It enjoys greater autonomy and hence, did not face any backlash from the government for the NFT launch.
China seems to be treading carefully with NFTs, blockchain, and the metaverse. While the government does not want to shun away from these technologies, it wants to ensure that it poses no threat to national security or stability. The world is now eagerly looking up to China to see what decision they take with respect to blockchain and web 3.
