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

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 Hong Kong, China September 30, 2021. REUTERS/Tyrone Siu

BEIJING, Feb 18 (Reuters) - China's banking and insurance regulator issued a warning on Friday against using the metaverse as a tool for illegal fund-raising, amid widespread speculation in the private sector.

The China Banking and Insurance Regulatory Commission said in a statement published on its website that some companies were advertising engaging in illegal fund-raising, fraud, and virtual real estate speculation.

"Beware of being duped, and if you find clues of suspected illegal crimes, please actively report this to the relevant local departments," the statement said.

Reporting by Eduardo Baptista; Editing by Sam Holmes

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