More government departments in China are using NFTs, and tax bureaus in Shanghai and Chengdu are issuing tokens based on the Tencent blockchain.
On Friday, Shanghai will place 2,000 NFTs on its tax office mascot. The Chengdu tax office on Tuesday canceled 1,000 NFTs commemorating important milestones in China’s tax history.
The developments come as the tax departments release their latest tax policies each April. According to the announcements, all of these NFTs are non-transferable to avoid speculation. Since the Chinese financial industry associations have recognized the potential of NFT to stimulate the development of cultural industries, more government departments have started to implement it.
Chinese communications giant China Telecom launched its NFT marketplace last week, and the China National Space Administration released an NFT for the first time this Monday to commemorate China’s Space Day.