China is not very fond of cryptocurrencies: rather the CBDC, the metaverse and other technologies linked to Web3 than this emancipatory virtual currency. Thus, this new measure taken by the GAPP hardly surprises the crypto community. It consists of prohibiting the conversion of gaming tokens into fiat.
Towards the non-convertibility of “game tokens” in China
In October, Pan Gonghsheng, governor of the Bank of China, made a statement marking once and for all his country’s definitive position on cryptocurrencies: NO to bitcoins and other altcoins. This implies in particular the establishment of a repressive policy against promoters of speculative activities linked to these digital assets.
“ China proposes to ban the conversion of gaming tokens into fiat currency. »
Cointelegraph supplemented this tweet with an article in which the desire of the General Administration of Press and Publication of China (GAPP) is highlighted limit the room for maneuver of gamers who are fans of crypto in mainland China.
Here is what we could read in the official press release of the GAPP:
“ In order to strengthen the standardized management of the sector and to promote sustainable and high quality development, we have drafted the ‘Measures for the administration of online games (draft for public comment)’, which are now open to the public for comment. The public can provide feedback in the following ways. »
Said means are divided into three very distinct parts:
- submission of opinions via the website of the Ministry of Justice of the People’s Republic of China (www.moj.gov.cn) and that of China Government Legal Information Network (www.chinalaw.gov.cn);
- write a letter including notices and send it to the Publication Bureau based in Beijing:
- write an email to [email protected].
“ The response submission deadline is January 22, 2024. », Specifies the site.
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