China’s state-backed Blockchain service network, which emerged two years ago, plans to launch a new platform that supports non-fungible tokens. However, the nation has reaffirmed that it will have nothing to do with cryptocurrencies.
- It’s no longer a secret that China wants to be as far away from crypto as possible, which is evident in the total ban on mining, trading and everything else.
- However, the country supports a few features related to digital assets, including the underlying technology – blockchain.
- Now it looks like China wants to cash in on the ongoing boom in NFT, another sphere heavily tied to crypto, but to do so on its own terms.
- According to a recent report, the country’s BSN intends to develop a new infrastructure that will allow users to deploy non-fungible tokens.
- He Yifan, managing director of Red Date Technology, said NFTs “have no legal problem in China” as long as they are not related to crypto.
- The new platform, called BSN-Distributed Digital Certificate (BSN-DDC), should see the light of day by the end of the month. This will work differently than crypto-related NFT transactions.
- It will provide application programming interfaces allowing customers to create and manage user portals and NFT-related applications. The trick is that customers can only use Chinese yuan for purchases and service fees, unlike in the crypto space, where the user has to interact with some sort of digital asset.
- The new platform will initially integrate ten chains, including Fisco Bcos, initiated by WeBank. Local businesses refrain from using the term NFT – instead, they refer to these tokens as “digital collectibles” for compliance reasons.
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