From Hainan, they have made a commitment to push forward the supervision of NFTs to promote healthy development, while moving forward with the digital yuan.
The authorities of Hainan province, located in southern China, are committed to increasing the supervision of CLS in order to promote the healthy development of the ecosystem and to try to minimize the risks and frauds that may occur.
Hainan’s market regulator aims to take malicious users out of the game in its goal to promote NFTs as another tool of the digital economy.
On January 29, 2023, the market regulator of Hainan province, accompanied by nine agencies of the province, published an announcement on the announcement, published the announcement a comprehensive plan to address the growth of the NFT ecosystem.
The title of the document can be translated to something like “Advancing the Strengthening of Risk Oversight of Digital Collections”, which has been addressed to city and county government agencies under the provincial government’s purview.
By way of introduction, they refer to the development of blockchain technology, the industries related to it, as well as digital collections, which have had an exponential growth, but at the same time illicit activities grew.
In this way, the main objective is to promote the healthy development of digital collection, and in turn the prevention of risks, with the support of the province, making known the most important issues in this document.
From the government team, they maintain the importance of the digital economy, its implication in the market, as well as in culture, tourism and commerce, which have obtained a great growth thanks to the digital collections (NFTs), among other issues.
In this regard, they consider the need to build a “Hainan Free Trade Port” in order to promote the development of the digital economy and to obtain foreign investment.
But they also stress the importance of fighting against false advertising, speculation, copyright violations, fraud, money laundering, among other illicit acts, from which no land or activity is exempt.
They go on to mention the need for all cities and counties to give it importance, with the urgency to study the risks along with the responsibilities, and the adoption of regulatory measures to promote digital collections in an effective and healthy environment.
On the other hand, they have placed emphasis on educating the public on these issues, communicating the risks and regulations of the sector so that they act with caution, in order to avoid becoming victims of any crime or illicit activity.
ADVANCEMENT OF THE DIGITAL YUAN
With respect to China’s digital currency, an announcement was an announcement was published on January 30, 2023 through Baidu’s website, where the People’s Bank of China states its intentions to add new pilot tests of such digital currency.
One of the tools Banco Popular is working on is a transaction system based on QR codes, to facilitate CBDC access to consumers by simply scanning the QR.
Previously, the BPoC stated that it had conducted tests of the digital currency in approximately 17 provinces.
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Written by Luciano Garriga (TW:@luchogarriga) for NFT Express