{"id":545733,"date":"2023-01-31T06:24:28","date_gmt":"2023-01-31T03:24:28","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/chinas-hainan-to-boost-nft-oversight-as-digital-yuan-trial-ramps\/"},"modified":"2023-01-31T06:24:28","modified_gmt":"2023-01-31T03:24:28","slug":"chinas-hainan-to-boost-nft-oversight-as-digital-yuan-trial-ramps","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/chinas-hainan-to-boost-nft-oversight-as-digital-yuan-trial-ramps\/","title":{"rendered":"# China&#8217;s Hainan to boost NFT oversight as digital yuan trial ramps"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a40ed3d032be\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a40ed3d032be\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/chinas-hainan-to-boost-nft-oversight-as-digital-yuan-trial-ramps\/#%E2%80%9D_Chinas_Hainan_to_boost_NFT_oversight_as_digital_yuan_trial_ramps_%E2%80%9C\" >&#8221; China&#8217;s Hainan to boost NFT oversight as digital yuan trial ramps &#8220;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/chinas-hainan-to-boost-nft-oversight-as-digital-yuan-trial-ramps\/#NFT_oversight\" >NFT oversight<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/chinas-hainan-to-boost-nft-oversight-as-digital-yuan-trial-ramps\/#Digital_yuan_adds_bells_and_whistles\" >Digital yuan adds bells and whistles<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Chinas_Hainan_to_boost_NFT_oversight_as_digital_yuan_trial_ramps_%E2%80%9C\"><\/span>&#8221; China&#8217;s Hainan to boost NFT oversight as digital yuan trial ramps &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDEvZDFiZTdhMjctOTM2YS00YzUzLWE2YTYtZjgzNDM2NThlZmM0LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a4050f8>Authorities from the Hainan province in southern China have vowed to increase oversight on the nonfungible token (NFT) sector to \u201cpromote the healthy development\u201d of the sector and to stomp out fraud and other associated risks. <\/p>\n<p>In a separate announcement, the People\u2019s Bank of China (PBoC) also announced that it is working on new features for its\u00a0Central Bank Digital Currency (CBDC) pilot program, referred to as the digital yuan or eCNY. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"NFT_oversight\"><\/span>NFT oversight<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In a public notice <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/amr.hainan.gov.cn\/zw\/tztg\/202301\/t20230129_3351790.html\">posted<\/a> on Jan. 29, Hainan\u2019s market regulator and nine other agencies from the province outlined a lengthy plan to tackle the NFT sector moving forward. <\/p>\n<p>A translation of the document reveals that the regulator is placing emphasis on promoting NFTs as part of the digital economy, particularly as a way to attract foreign investment in the Hainan Free Trade Port.\u00a0<\/p>\n<p>The province agencies however said they want to oversee the NFT market in a way that restricts \u201cmarket chaos\u201d such as misleading information, speculation, copyright theft, fraud, money laundering and fictitious value. <\/p>\n<p>Some measures outlined include \u201cseverely\u201d cracking down on false propaganda under current frameworks such as the \u201canti-unfair competition law,\u201d preventing copyright infringement by guiding and urging internet platforms to remove such content, and cracking down on fraud. <\/p>\n<p>An emphasis has also been placed on educating the public by conveying the \u201crisks and laws\u201d of the sector so that they \u201cpurchase cautiously\u201d and avoid losses due to wild speculation on NFTs. <\/p>\n<p>The Chinese government has had a unique outlook on the NFT sector since it boomed in popularity, while the asset class has not copped major blanket bans unlike private cryptocurrencies, state agencies have often been quick to deter any sort of speculative behavior.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Digital_yuan_adds_bells_and_whistles\"><\/span>Digital yuan adds bells and whistles <span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>According to an announcement <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/baijiahao.baidu.com\/s?id=1756408317739176325&amp;wfr=spider&amp;for=pc\">shared<\/a> via Baidu on Jan. 30, the People\u2019s Bank of China (PBoC) plans to add new features to its long-running pilot trails of the digital yuan. <\/p>\n<p>The bank suggested that it is developing a QR code-based transaction system so that \u201c consumers can \u2018scan with one code\u2019\u201d to make the CBDC more user-friendly. <\/p>\n<p>It also emphasized that such tech integrations will help China \u201crealize the interconnection between the digital renminbi system and traditional electronic payment tools.\u201d<\/p>\n<p>Another touted benefit of the QR code system is that merchants will be able \u201csupport various transactions\u201d while limiting the increase of costs to consumers. <\/p>\n<p>The PBoC emphasized that in 2022 it had piloted the CBDC across 17 provinces, and rolled out around 30 digital yuan red \u201cenvelope activities\u201d in which it airdropped small amounts of the asset to citizens. <\/p>\n<p>The campaign was used to promote the use of the asset, particularly concerning payments for \u201clow-carbon <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">travel<\/a>\u201d such as public transport. <\/p>\n<p> <strong><em>Related: <\/em><\/strong><strong><em>UK Bitcoin community reacts to incoming CBDC and digital pound rollout<\/em><\/strong><\/p>\n<p>Earlier this month, the eCNY network received a key upgrade via the integration of smart contracts. <\/p>\n<p>According to a report from local crypto <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> outlet 8btc, smart contract features were launched via the food and retail focused delivery <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a> from Meituan. <\/p>\n<p>When users place and order and pay with their e-CNY wallet, a smart contract triggers and searches for keywords and purchased items in their order. If a user buys something on the list of keywords for the day, they go in the draw to win part of a prize worth around $1,300. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/china-s-hainan-to-boost-nft-oversight-as-digital-yuan-trial-ramps\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; China&#8217;s Hainan to boost NFT oversight as digital yuan trial ramps &#8220; Authorities from the Hainan province in southern China have vowed to increase oversight on the nonfungible token (NFT) sector to \u201cpromote the healthy development\u201d of the sector and to stomp out fraud and other associated risks. In a separate announcement, the People\u2019s&#8230;<\/p>\n","protected":false},"author":1,"featured_media":545734,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/d1be7a27-936a-4c53-a6a6-f8343658efc4.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75046,75049,75057,4973,70934],"class_list":["post-545733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cbdc","tag-peoples-bank-of-china","tag-yuan","tag-china","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/545733","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=545733"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/545733\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/545734"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=545733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=545733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=545733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}