Chinese authorities say regulatory pressure on tech firms will continue

China will continue to apply regulatory pressure on technology companies and organisations involved in the digital economy. The Central Committee CPC and the State Council of the PRC presented a five-year plan aimed at tightening control in the areas of national security and technological innovation, according to «Синьхуа».

The document does not explicitly mention cryptocurrencies or blockchain. However, the CPC aims to ensure ‘sound development of new forms of business’ with ‘good laws and governance’. The party regards such enterprises as internet-finance platforms, as well as companies operating in the fields of artificial intelligence, big data and cloud computing.

The environmental focus suggests that the ban on cryptocurrency mining is permanent. Earlier, President Xi Jinping promised to end greenhouse gas emissions by 2060. Bitcoin mines put at risk the fulfillment of this obligation.

Despite the mining ban and cryptocurrencies, China backs the underlying blockchain technology. In 2019 Xi Jinping said that the country should become a world leader in this field.

Tech companies in China actively promote digital assets. In July, Taobao allowed the sale of non-fungible tokens (NFTs) at Maker Festival.

The 8BTC portal reports that the company continues to issue NFT on its own Antchain. The tokens are used as wallpapers in the Alipay payment app. 180 days after buying an NFT you can gift it to another person, but you cannot sell it.

More #NFT from Alibaba’s Antchain. Looks very nice. You can buy one for only 9.9 yuan + 10 Alipay points. The NFT can be set as your Alipay payment wallpaper. And you can transfer it to your friends after 180 days you bought it. But no trading, only give it for free. pic.twitter.com/BD3YAkUc3S

— 8BTCnews (@btcinchina) August 12, 2021

The People’s Bank of China said will continue to exert regulatory pressure on the cryptocurrency trading sector.