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China warns against using metaverse as a tool for illegal fund-raising -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: A visitor is pictured in front of an immersive art installation titled “Machine Hallucinations — Space: Metaverse” by media artist Refik Anadol, which will be converted into NFT and auctioned online at Sotheby’s, at the Digital Art Fair, in

BEIJING (Reuters – China’s bank and insurance regulator has warned against illegal fund-raising using the metaverse, amid speculation in private sectors.

China Banking and Insurance Regulatory Commission stated in a statement posted on its website, that there were companies advertising illegal fund raising, fraud and speculation in virtual real property.

According to the statement, “Beware! Don’t fall for it!” and “If you have any suspicions about illegal activities, please report them directly to local officials.”

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