China to create own NFT industry based on state-backed blockchain infrastructure, main developer says

China to create own NFT industry based on state-backed blockchain infrastructure, main developer says

china,industry,based,state,infrastructure
Middle East

China to create own NFT industry based on state-backed blockchain infrastructure, main developer says

China’s state-backed Blockchain Services Network (BSN) plans to roll out infrastructure at the end of this month to support the deployment of non-fungible tokens (NFTs), a major step to creating a Chinese NFT industry that is not linked to cryptocurrencies.

Although Beijing has banned cryptocurrencies, He Yifan, chief executive of Red Date Technology, which provides technical support to BSN, told the South China Morning Post that NFTs “have no legal issue in China” as long as they distance themselves from cryptocurrencies like bitcoin.

The infrastructure, named the BSN-Distributed Digital Certificate (BSN-DDC), to differentiate it from crypto-transacted NFTs, will offer application programming interfaces for businesses or individuals so they can build their own user portals or apps to manage NFTs. Only Chinese yuan is allowed for purchases and service fees.

Check the history on the topic
Vote to feature