Despite cracking down on encryption, China’s Xinhua News Agency will issue NFTs – News Bitcoin News


China’s official news agency Xinhua will release a collection of NFTs, which will contain photos depicting historical moments in the past year. This measure was proposed in the ongoing crypto crackdown and is seen as a push for blockchain, which is also the foundation of cryptocurrency.

Xinhua News Agency will create digital collections based on photo reports

Xinhua, the official news agency of China, is preparing to release a digital collection representing the 2021 photojournalism report. A selection of 11 photos, each limited to 10,000, will be released on December 24. They will use the news application of Xinhua News Agency to use irreplaceable tokens (NFT) Technology, the agency announced, was quoted by Bloomberg and Reuters.

Xinhua News Agency pointed out that the series also has a photo commemorating the 100th anniversary of the founding of the Communist Party of China, which will “brand digital memory in the meta universe.” Euronews commented that Beijing-controlled media used to describe the virtual reality space as “an illusory concept.”

On Wednesday, shares of Chinese companies operating in this field, such as GoerTek and Perfect World, rose. Companies such as social media giants Tencent Holdings and Ant Group have previously issued NFTs on their blockchain platforms. According to a Tencent statement in November, Beijing is expected to allow Meta Universe to operate under domestic regulations.

Although NFT has not yet become a target, this year the Chinese government reiterated the extensive restrictions on cryptocurrencies that were originally implemented in 2017. It is forbidden to conduct transactions, exchanges, fundraising and other related activities through the issuance of tokens.

Bitcoin mining, which was put on hold until this spring, has been hit Suppress Implementation began after the State Council made a decision in May.A few days ago, a state-owned holding industry organization Blacklisted An encrypted short video on the subject shared online in the People’s Republic of China.

Xinhua News Agency described the digital collection as a “unique year-end review,” which will be published on Tencent Cloud’s blockchain. The agency pointed out that the NFT will have unique identity and ownership information, while emphasizing its “special memorial significance and collection value.”

Tags in this story

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Do you think other Chinese organizations will issue NFTs? Share your expectations in the comments section below.

Lubomir Tasef

Lubomir Tassev is a tech-savvy journalist from Eastern Europe. He likes Hitchens’ famous quote: “Being a writer is my nature, not what I do.” In addition to encryption, blockchain and financial technology, international politics and economics Are the other two sources of inspiration.

Image Source: Shutterstock, Pixabay, Wikimedia Commons

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