NFTs News

Wuhan Removes NFTs From Metaverse Plan With Hurdles From The Chinese Government

According to reports, Wuhan in China has postponed its ambitious nonfungible tokens (NFTs) ambitions due to the country’s rising regulatory unpredictability towards crypto and Web3 technology.

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After the coronavirus outbreak, Wuhan first declared its intention to embrace metaverse and NFTs as a way to revive its devastated economy.

By 2025, Wuhan hopes to support more than 200 metaverse companies and establish at least two metaverse industrial parks, according to the recently amended plan.

A section on NFTs was included in the Wuhan government’s draft industrial strategy to grow the city’s metaverse economy. But today, the South China Morning Post reports, that portion has been removed from the most recent edition.

The amended version still urges companies to concentrate on decentralized technology and Web3, but NFTs are not included in the study, it was noticed.

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Looking at the amended text, it appears that the Chinese government has eliminated anything that pertains to the trading of tokens or digital assets. As government development plans have embraced technology connected to the metaverse throughout the years, the position has become more evident.

China was extremely explicit about its position on the usage of cryptocurrencies there and, after years of different limitations, enacted a complete ban in 2021.

However, it doesn’t appear like the government has a firm position on new Web3 technologies, particularly those that include the trading of tokens or digital collectibles, or NFTs, at present.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.