The tax authorities in Shanghai and Chengdu are launching tokens based on Tencent’s blockchain, indicating that more government agencies in China are supporting NFTs.
Chengdu’s tax office issued 1000 NFTs commemorating major events in China’s tax history, while Shanghai’s tax office will release 2000 NFTs showcasing its mascot on Friday.
The new move comes after the tax department provided the updated tax policies early this month.
Notably, these NFTs are non-transferable, a choice made by the departments to prevent speculation.
More state agencies are adopting NFTs as China’s financial sector groups recognise their potential to enhance cultural industry development.
But last month China released a strong warning to its citizens who use NFTs and Metaverse to perpetrate financial crimes thereby increasing scrutiny against both sectors.
Even so, just two weeks back Chinese electric vehicle manufacturer Xpeng announced the launch of NFTs on Alibaba’s Jingtan platform. And two days ago Tsinghua University launched the first metaverse lab of China which will be used to study the growing and expanding industry of metaverse in the country.
