Image: The Shanghai Tax Bureau's moscots in NFT, and the concept of NFT token

Tax authorities in China jump onto NFT bandwagon

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More state departments in China are embracing NFTs, with tax bureaus in Shanghai and Chengdu releasing tokens based on Tencent’s blockchain.

See related article: ‘Voice of April’ NFTs highlight Shanghai’s struggles amid harsh lockdown

Fast facts

  • Shanghai will drop 2,000 NFTs themed on its tax office mascot on Friday.
  • Chengdu’s tax office dropped 1,000 NFTs on Tuesday themed around milestones in China’s tax history.
  • The developments come as tax departments publicize the latest tax policies each April.
  • To prevent speculation, all of these NFTs are non-transferrable, according to the announcements.
  • With China’s financial industry associations recognizing NFTs’ potential to boost cultural industry development, more state departments have begun to adopt it.
  • Chinese communications giant China Telecom launched its NFT marketplace last week, while the China National Space Administration released NFTs for the first time on this Monday to commemorate China Space Day. 

See related article: China’s largest broadcaster’s NFT series becomes a trilogy

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