Chinese state television warns against blockchain-based, play-to-earn games as popularity surges

The CCTV reports said that pay-to-play blockchain games should be treated with caution, and that many are a scam. Play-to-earn games have become one of the hottest tech trends this year, with developers seeing their valuations mushroom. — SCMP

Chinese state television has warned citizens against taking part in blockchain-based, play-to-earn online games such as Farmers World, in the latest sign of Beijing’s aversion to anything cryptocurrency-related.

China Central Television (CCTV) fired warning shots in two reports over games that encourage people to play in order to earn cryptocurrencies, depicting them as scams. The environment for cryptocurrencies in China turned sour after Beijing banned cryptocurrency trading and mining in the country, viewing the industry as a threat to financial stability.