China’s Prosecutors Witness NFTs to Have Crypto-Like Attributes

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china and crypto

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China’s legal agency has issued a warning against NFTs and banned virtual assets nationwide, citing concerns over risk assessment and punishment. Although China’s crackdown on crypto trading has boosted the popularity of NFTs and reduced their risks, a report highlights financial, management, security, and legal risks. The report urges prosecutors to remain vigilant. NFTs offer ownership proof on a Blockchain but Chinese authorities question the enjoyment of ownership, given the ease of replicating digital art.