Anti-cryptocurrency regulations in China are forcing the NFT game Stepn to block mainland users from accessing the application starting on July 15th. According to Bitcoin.com, this blockade will take effect once Stepn stops providing “GPS and IP location services.”
Unsurprisingly, this news had a hugely negative effect on Stepn’s in-game cryptocurrency, GMT. The currency’s value reportedly fell by 38% from May 26th to May 27th.
“We apologize for the inconvenience and thank you for your understanding,” a translated tweet from the company reads. “STEPN has not engaged in any business in mainland China since its establishment and has not provided download channels. STEPN has always attached great importance to compliance obligations and always strictly abides by the relevant requirements of local regulatory agencies.”
Beyond that announcement, Stepn said that it will continue providing its users with updates on the game’s status. These updates will be sent out through social media channels, emails, and in-app alerts.
Stepn is a move-to-earn game that allows players to earn cryptocurrency-based rewards for walking, jogging, or running. As of 2:25 PM, EST on June 8th, 2022, Stepn users have recorded over 42 billion meters of movement.
(All information was provided by Bitcoin.com, South China Morning Post, and Stepn)
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