Just as fashion and luxury brands were starting to get excited about the potential of new digital immersive virtual universes, NFTs (or non-fungible tokens), and the whole crypto powered economy, China has pulled the emergency brake.
Beijing this week put a blanket ban on all crypto transactions, which they regard as a threat to its financial stability. That sent the value of Bitcoins tumbling down as much as 9 percent. China is already trying to avert a systemic risk — a run on the banks — from another threat, the potential unwinding of some $300 billion of debt held by Chinese real estate developer Evergrande.
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