China’s government has made clear its distaste for the free-wheeling, anti-establishment cryptocurrency community. When it comes to crypto’s blockchain technology, however, it’s a different story.
In 2017, the central bank shut down exchanges that hosted trades between yuan and Bitcoin and banned individuals or businesses from raising money from crypto tokens. Renewed crackdowns in 2021 forced exchanges like Huobi to stop serving Chinese customers entirely. NFTs were first developed on the secure, decentralised blockchains associated with cryptocurrencies, but China has taken a different approach. It’s relying on so-called permission-based blockchains that operate under state oversight.
The system only permits the initial acquisition of an NFT, with no secondary market akin to global exchange OpenSea, where speculators bid up prices of collectibles such as Bored Apes, CryptoSkulls and Lazy Lion graphics.Ant Group Co. and Tencent Holdings have pioneered so-called “alliance” blockchains controlled by groups of private companies under the authority of the government.
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