China’s top government agency that oversees the development of museums has called on cultural institutions to hit the brakes when it comes to non-fungible tokens (NFTs)

See related article: China’s industry lobbies join NFT bashing chorus

Fast facts

  • The National Cultural Heritage Administration Tuesday held a nationwide online symposium in Beijing on digital collectibles and urged caution when it comes to selling the original data of cultural relics as limited commodities, state media reported.
  • The body, which protects cultural relics of national importance, called for the establishment of a clear management system to ensure “correct ideological orientation and information safety of cultural relics.”
  • Museums in the provinces of Hebei, Hubei, Sichuan and Hunan have issued “digital collectibles,” a term often used to avoid reference to NFTs, that featured cultural works in their collections.
  • China has yet to set clear regulations on NFT trading, but state media has issued numerous warnings against the frenzy.
  • China’s banking and securities industry lobbies on Wednesday urged members to “resolutely curb” the “financialization and securitization” wave of NFTs.

See related article: China’s Communist Party wants to regulate NFTs