China’s tech giants are having FOMO on NFTs

In mid-April, a group of industry associations in China issued a warning against the potential financial risks of non-fungible tokens, digital assets that represent real-world objects or intangible goods like a song. NFTs must not be traded with cryptocurrencies, said the country’s banking, internet finance, and securities associations, and they must not be used to create securitized products.
Though the industry associations don’t have regulatory power they still exert an influence on and are taken seriously by policymakers. Many in the crypto industry see the pronouncement as a death k

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