- After halting out country operations iBox to process refunds till September 2022.
- The international platform of iBox was selling NFTs denominated in USDT stablecoin
iBox is a widely popular Chinese non-fungible token (NFT) the firm is planning to halt all its functions outside the country and will issue refunds in starting of September.
iBox didn’t state any reason for halting their services. According to a video uploaded on bilibili(Dot)com, the international platform of iBox was selling NFTs denominated in USDT stablecoin.
On Thursday Huobi underlined in its official statement about its distance from iBox and exiting mainland China During May 2021 and the firm ended its relationship with iBox in H1 of 2022.
Further extending its statement the firm quotes “Huobi Global has already terminated all its operations in Mainland China. We would like to remind our users to abide by local laws and regulations and remain vigilant against fraud. ”
Chinese local media outlets highlighted the rising sale which exceeded 100 million yuan(US$14.59 million) and iBox is performing its operation denominated in fiat currency instead of cryptocurrency.
The Chinese government did not ban NFTs outright but they are known with an updated name as digital collectibles and local media regularly cover a news story for the public on buying and selling and urging them not to sell for instant profit.
For the betterment of the economy of the country, the government is involving NFTs in the local economic development policy of Shanghai and Beijing because these two cities are major players in maintaining the economic structure of the country.
In H1 of 2022 WeChat, China’s most popular social media platform revised its policy to prohibit accounts from providing access to crypto or non-fungible token (NFT)-related services.
Accounts engaged in the issue, trading, and financing of crypto and NFTs will be limited or prohibited under the new standards and will fall under the “illegal business” category.
According to the new policy, “when such breaches are discovered, the WeChat public platform will push the breaking of official accounts to correct within a time limit and restrict different parts of the account until the account is permanently banned.”
Between May and September of last year, the Chinese government implemented a gradual ban on the local crypto industry.
Source: https://www.thecoinrepublic.com/2022/08/26/huobi-halts-international-operations-incubates-chinese-nft-platform-ibox/