“Ant Group” (A Chinese company that owns the largest payment site “Alipay”) and “Tencent” now will prefer the digital collectable for the website of their company instead of promoting the NFTs (Non-Fungible Tokens). This news statement was made by the “Chinese media” recently. The government of China had not shown any criticism against the non-fungible tokens and did not include the same in the regulations which are determined against the mining and trading of cryptocurrencies. This sudden announcement by the largest tech firm creates a lot of anticipation among the investors and traders in the financial market.
The steps to prevent the loss from scams
The tech firms are alerted, however, to take enough precautions for the scams that might take a room through the financial instrument that is non-fungible tokens. After this alert caused by a government based tech firm, the firms which were accepting non-fungible tokens on their website seemed to make an attempt to distance themselves.
The take of the Chinese government and actions to prevent the scams.
The Ant group, one of the most celebrated and credible firms has issued several other statements and guidelines to shift to another digital form of collectables after this media announcement. The regulators in the market or the Chinese government which issues the regulation regarding these financial instruments have also taken precautions. They have done so, by interviewing and enquiring about the non-fungible tokens that are being used by giant technological platforms. These actions, however, prove that there must be some changes coming in the established plan.