Called the ‘Self-Discipline Initiative’, major companies in the country took the commitment to verifying users’ identity in the digital sector. The document was signed by Baidu, JD.com, Tencent Holdings, and Alibaba’s affiliate company Ant Group, among others.
The companies will start to require real-name authentication of those who issue, sell, and buy NFTs and to only accept legal tender currency to settle payments. The document is not legally binding and allegedly was not influenced by the Chinese government. Thus, it does not officially represent the government’s stance.
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