​​China’s Communist Party wants to regulate NFTs The Economic | NFT ERA

​​China’s Communist Party wants to regulate NFTs

The Economic Daily, a mouthpiece of the Chinese Communist Party, called for stricter regulation of “digital collectibles” as investors continue to speculate in non-fungible tokens (NFTs).

Fast facts:
The Economic Daily argued against treating NFTs as cultural and creative products, calling instead for the asset class to be regulated as a currency, commodity and/or a security.

The phrase “digital collectibles” is a euphemism for “NFTs” as China frowns on speculation in the emerging asset.

The article criticized NFT trading platforms for operating resale markets, warning buyers that the “rug could be pulled” anytime.

Ironically this comes amid state-run television stations themselves launching NFT marketplaces.

The People’s Daily, the official newspaper of the CCP, and Shandong TV have their own marketplaces with Shanghai Securities’

NFTs surging in second-hand sales.

Meanwhile, China’s tech giants have self-regulated amid the regulatory uncertainty, with Alibaba imposing a 180-day lock-in before a resale.