Chinese Cryptocurrency Regulations Force NFT Gaming App Stepn to Block Mainland Users – Metaverse Bitcoin News

China’s anti-cryptocurrency regulations have reportedly forced non-fungible token (NFT) game Stepn to exclude users from the mainland starting July 15. Shortly after the announcement, Stepn’s in-game cryptocurrency reportedly briefly dropped 38%.

Stepn complies with local regulations

The developers said that mainland Chinese users of the NFT gaming app Stepn will not be able to access the app from July 15. When Stepn stops providing GPS and IP location services, the blocking of users in the region will take effect.

Despite revealing plans to stop serving mainland users, the development team insists tweet They do not have any business dealings with players in the region. The team tweeted:

We apologize for the inconvenience and thank you for your understanding. STEPN has not engaged in any business in mainland China since its establishment and has not provided download channels. STEPN has always attached great importance to compliance obligations and always strictly abides by the relevant requirements of local regulatory agencies.

In addition to the May 26 announcement, the Stepn team said they will still notify users of any new details related to the lockdown via social media, email and in-app alerts.

The Plunge of In-Game Cryptocurrencies

At the same time, a Report In the South China Morning Post, Stepn’s in-game cryptocurrency plummeted 38% following the announcement. The report also said that Stepn had become a trending search term on Chinese social media platform Weibo shortly after the announcement.

Stepn is described as a “money money” game that lets users trade so-called NFT trainers as well as in-game cryptocurrency (GMT) by walking or running in the real world. The report added that in-game cryptocurrency earnings are either converted into cash or into other crypto assets.

Still, China’s ongoing crackdown on crypto-related businesses appears to have forced the development team to take steps to ensure Stepn complies with the country’s regulations.

What’s your take on this story? Let us know your thoughts in the comments section below.

Terence Chimwala

Terence Zimwara is an award-winning journalist, author and author from Zimbabwe. He has written extensively about the economic woes of some African countries and how digital currencies can provide an escape route for Africans.

Image Source: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for reference only. It is not a direct offer or an invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned herein.

Source link