China’s crackdown on crypto is expanding into the metaverse and nonfungible tokens (NFT), an executive at the People’s Bank of China (PBoC) recently implied.

Gou Wenjun is the director of Anti-Money Laundering at the PBoC. He spoke to a national security summit. PointedThere are risks that the unregulated new crypto trends, like NFTs or the metaverse, could lead to. While people will use these digital assets to protect their privacy and increase wealth, it is possible for them to also be misused for illegal purposes like money laundering or tax evasion.