China’s growing market for NFTs, metaverse could foster new money-laundering schemes, central bank official warns

//China’s growing market for NFTs, metaverse could foster new money-laundering schemes, central bank official warns

China’s growing market for NFTs, metaverse could foster new money-laundering schemes, central bank official warns

An official at China’s central bank cautions against the country’s rapidly growing interest in non-fungible tokens (NFTs) and metaverse-related activities, warning that these could “easily become money-laundering tools”.Virtual assets “are decentralised, anonymous and without borders … [and] have been widely used in illegal transactions such as blackmail, drug trafficking, gambling, money-laundering, financing for terrorism, tax evasion and cross-border transfer of funds”, said Gou Wenjun,…

Article by [author-name] (c) Big Tech - South China Morning Post - Read full story here.

By | 2021-12-02T09:00:21+00:00 December 2nd, 2021|Technology|Comments Off on China’s growing market for NFTs, metaverse could foster new money-laundering schemes, central bank official warns