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The People’s Bank of China Puts Metaverse and NFTs on Its Radar!

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According to a recent statement by The People’s Bank of China (PBOC) official, the countrywide pressure on cryptocurrencies will be extended to the metaverse and NFT space.

Gou Wenjun, director of The People’s Bank of China’s Anti-Money Laundering (AML) unit, stated at the National Financial Security Summit that regulations should continue. Furthermore, it was stated that areas such as NFTs and the metaverse, which are becoming increasingly popular, should be examined within the scope of these regulations.

He stated that while those interested in these activities in the country are doing their assets under the guise of wealth protection, some malicious people are also available to use this situation for illegal purposes such as money laundering and tax evasion.

The head of AML specifically stated that the cryptocurrency ecosystem must be thoroughly examined in terms of risks and management. He also mentioned that NFT and metaverse-based startups could be used to launder money.

Banks Should Monitor Transactions

Gou stated that the development of digital assets should be evaluated objectively and that it is critical to emphasize the transparency of such assets.

The official mentioned banks as an important point here, saying that banks should conduct analyses to verify payment services and identify suspicious transactions.

According to the PBoC official, all types of money laundering methods must be addressed, and technologies such as artificial intelligence and machine learning must be used to monitor these transactions.

In his most recent statement, Gou stated that it would be appropriate for financial intelligence units around the world to collaborate in combating cryptocurrencies-related crimes.

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