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Chinese State Media Agency Xinhua to Issue First News NFT Collectables

Chinese State Media Agency Xinhua to Issue First News NFT Collectables

Amid the strict restriction of cryptocurrency activities in China, Chinese state media agency Xinhua will issue its first news non-fungible tokens (NFT) collection on Friday at 8 p.m.

Per the announcement from the news agency on Wednesday, this is the first international edition news collection, free to access to the public. The official website reveals that the content of NFT minted from various news photography in 2021, including the ceremony of the Chinese Communist Party for the centennial anniversary and the number of vaccinations broke through 2.6 billion doses in China. The first batch collection will only be issued in 11 sets with 10,000 units for each, including an exclusive edition.

Xinhua indicated that this series of NFT “carries lots of treasure historical moments”. It would also be “the digital memory involved in the metaverse”. Technically, the “Zhixin chain” under the Tencent Cloud will support the relative blockchain technology.

Earlier, serval domestic companies have issues similar NFTs, such as Tencent Holdings Ltd. And Ant Group published on their platform.

This move comes unique amid the crackdown in China. Beijing continues to restrict crypto trading and mining actives. Xinhua itself agency has published editorial articles, criticizing crypto as the fraud of the Ponzi scheme.

China continues to intensify crackdowns against crypto-related activities. In May serval Chinese financial institutions barred crypto as payment tools. Over 90% of Bitcoin capacity were shut down a month later, the authorities accused these crypto mining activities were harmful to the environment due to the intensive demand for electricity. A few months later, the central bank of China PBOC emphasized that virtual currencies did not enjoy the legal status and their legitimacy as legal tender, as crypto-related transactions were illicit.

This article was originally published on by Mervyn Kwan  

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