Alipay has tightened NFT token circulation on censored blockchain

Chinese payment giant Alipay has tightened the rules for the circulation of non-exchangeable tokens (NFT). This is reported by local publication AI Caijing. It is noted that Alipay has introduced a minimum storage period of 180 days for NFTs. This was done ostensibly to combat fraud.

Moreover, NFT tokens can only be sent to verified accounts. In this case, the copyright of the NFT is retained by the creator of the token even in spite of the sale. Recall, Alipay launched its own NFT-marketplace at the end of June this year. There is no support for cryptocurrencies in the marketplace.

However, NFT tokens are stored on a self-written blockchain called AntChain. This means that products bought within the AntChain ecosystem cannot be transferred to other blockchain networks like Ethereum.

The blockchain’s censorship is due to the Chinese authorities’ tough stance. As previously reported, Chinese authorities announced in mid-May that they were cracking down on miners to protect the financial system. In addition, the Central Bank of China once again threatened local banks with sanctions for servicing clients related to the cryptocurrency market.

However, Beijing’s reprisals could be much harsher. For example, according to Bobby Li, founder of China’s first cryptocurrency exchange, China could impose a total ban on cryptocurrency storage. According to Li, this will be possible when the price of bitcoin approaches the $500,000 mark. Even then, however, China would have a 50/50 chance of imposing such a ban, he added.