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China's Hainan to boost NFT oversight as digital yuan trial ramps

Published 01/30/2023, 10:24 PM
Updated 01/31/2023, 12:00 AM

Authorities from the Hainan province in southern China have vowed to increase oversight on the nonfungible token (NFT) sector to “promote the healthy development” of the sector and to stomp out fraud and other associated risks.

In a separate announcement, the People’s Bank of China (PBoC) also announced that it is working on new features for its Central Bank Digital Currency (CBDC) pilot program, referred to as the digital yuan or eCNY.

NFT oversight

Digital yuan adds bells and whistles

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