China’s central bank proposes to monitor metaverse and NFTs

China’s central bank proposes to monitor metaverse and NFTs

China’s crackdown on crypto is expanding into the metaverse and nonfungible tokens (NFT), an executive at the People’s Bank of China (PBoC) recently implied.

Speaking at a national financial security summit, Gou Wenjun, director of the Anti-Money Laundering (AML) unit at the PBoC, pointed to the risks associated with leaving the new trends of the crypto ecosystem, such as NFTs and the metaverse, unregulated. He claimed that, while people would use said digital assets for privacy and wealth appreciation, they are also prone to be used for illicit purposes such as money laundering and tax evasion.

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