Why Some Countries Are Excluding NFTs from Their Crypto Bills

While passing crypto laws, several countries are leaving out Non-Fungible Tokens (NFTs) from their crypto bills and laws. These include France, New Zealand, and Japan. So why would these countries leave out one of the main aspects of blockchain and cryptocurrency? Virtual currencies, NFTs, and cryptocurrencies such as Bitcoin and Ethereum are gaining tremendous momentum. They are doing this irrespective of their volatile nature, issues stemming from their carbon footprint, and the increasing regulatory problems. NFTs are files or tokens encrypted digitally for recording ownership of an item. This NFT could be a piece of art, a video of a memorable moment in sports activities, or more. The tokens are non-fungible. It implies that the assets they represent are unique, and one cannot easily exchange for a similar good at the same price. As we proceed further, we will explain the reason why some countries decided to ban cryptocurrency recently. We would also look at why others did not include NFTs in their crypto bills. If a government attempts to ban Crypto and NFTs, what are the possible outcomes? Banning cryptocurrencies like Bitcoin, Ethereum and NFTs have a tremendous effect on a country’s economy. When the government of a country decides to place a ban on the use of cryptocurrency and NFTs, then; One can no longer use cryptocurrency for transactions and payments. People will not be able to convert their local currency to pur...