Although the People’s Bank of China has proposed to review metaverse and NFTs, companies such as Tencent and Huawei are pursuing metaverse-related brands.
The People’s Bank of China (PBOC) had already issued a warning about Metaverse and non-fungible tokens (NFTs) in November. Meanwhile, more than a thousand Chinese companies have filed thousands of trademark applications related to Metaverse.
Gou Wenjun, AML and Analysis Director of PBOC Center warns of the dangers of digital assets, since virtual assets have no physical basis, they can be used for illegal financial activities such as “illegal fundraising pyramids and fraud.”
However, ignoring the PBOC’s warning has prompted Chinese companies to register Metaverse-related trademarks such as “Metaverse satellite” and “Metaverse exhibition.” According to the South China Morning Post, more than 1,360 Chinese companies have filed registration applications.