China Warns Citizens Against Blockchain

China Warns Citizens Against Blockchain

Play To Earn Games | 22 Mar 2024 17:06 UTC

China Warns Its Citizens Against Playing Blockchain-Based P2E Games via Official State Media.

China’s offensive against crypto-related things continues and now it has warned its citizens via state television. The warning was displayed and conveyed via Chinese state television against taking part in the blockchain-based play to earn games like Farmers World.

China Warns Citizens Against Playing Blockchain-Based P2E Games
China Warns Citizens Against Playing Blockchain-Based P2E Games

This comes as yet another step against stringent rules against video games and anything related to crypto.

The warning came up on China Central Television (CCTV) with warning flashing which termed the P2E games as scams. Previously, China banned cryptocurrency trading as well as mining as Beijing viewed it as a threat to its financial stability.

Blockchain-Based P2E Games

The warning on CCTV pointed out two intermediaries in the provinces of Shannxi and Fujian. The intermediaries helped citizens to take part in the play to earn games especially Farmers World. The citizens were offered a chance to earn more than 10,000 yuan monthly.

The warning termed the offer as a scam and instructed citizens to stay away from it.

The P2E games are trending nowadays with plenty of new projects already getting a financial boost. The niche has witnessed billions of dollars in investment but it is also under strict scrutiny due to its increasing popularity.

Farmers World is one such game where intermediary companies paves way for users to earn money. They allow players to earn 100% of their investment back in just 22 and 40 days. But the catch here is that players need to pay 6,000 yuan as a service fee to the company to be able to do that.

China Warns Citizens Against Playing Blockchain-Based P2E Games
China Warns Citizens Against Playing Blockchain-Based P2E Games

Moreover, the company also takes a 20% commission on players’ returns.

This isn’t for the first time that such warnings surfaced in China. Previously, People Daily, another media house in China, also warned people of virtual land sales in P2E games. P2E games have such kind earning opportunities where it offers NFTs, virtual land, virtual art pieces, but the vitality and its prone to being a scam is high.

Moreover, the association of cryptocurrency with illegal money laundering and other black-market also makes it come under heavy scrutiny.

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