China hates bitcoin…but loves NFTs!

When we love, we Do not count! Historically angry with Bitcoin and cryptocurrencies, only NFTs are allowed in the Land of the Rising Sun. However, the People’s Republic of China is weaving its network around the digital yuan and even plans at the end of January 2022 to offer NFTs on its national blockchain. Military coup or “coup”?

Blockchain, NFT, and Digital Yuan: A Love Triangle

2021 was a case in point An emerging passion for NFTs. The South China Morning Post tells us about this poet’s episodes.

It all started in the summer of 2021 with Ant Group. This Chinese sector (which runs Alipay services in particular) is one of the first to declare its love for NFTs. Then came the South China Morning Post. He surrendered and presented in November 2021 NFT digital cards for collection. Finally, on Christmas Eve of the same year, it is State news agency Xinhua that offers over 110,000 NFTs (digital images of major events in 2021).

Therefore, in this context, the development of BSN (Blockchain-based Service Network), The Blockchain platform is backed by the Chinese state. Its ambition is to integrate several public blockchains, including a modified version of Ethereum. It is supported, among others, by:

  • China Federation payment state : Carte Bleue Transaction Company operating under the authority of the People’s Bank of China.
  • Chinamobile : the largest mobile operator in China.

The South China Morning Post also tells us that BSN will allow companies and individuals the ability to develop their own applications on the government blockchain. Thus, in the process, you will also submit a file Infrastructure to establish NFTs at the end of January 2022.

Red Date Technology will hold the candle between blockchain and NFT. BSN’s digital engineer, Red Data, manages technology infrastructures and develops digital collection objects (the term NFT is sometimes very reminiscent of “the enemy of bitcoin”). Hence BSN develops DDCs (Distributed Digital Certificates), in short, NFTs. The digital yuan is (still) the only exchange currency you get. The relationship is one-way: so the country’s cryptocurrency remains centralized.

>> Come and introduce yourself to Bitcoin Along With Industry-Leading Kucoin (Affiliate Link) <

Blockchain of the Chinese state: a digital wall

South China Morning Post highlighted The interest of this exclusive relationship between the digital yuan and NFTs.. A new parallel industry can be created on the public government blockchain Market disruption. The 20 partners announced for BSN-DDC are solid, too. Among them:

  • Cosmos Network (Blockchain network interoperates blockchain networks).
  • Baiwangthe largest electronic billing company in China.

Attracting this emerging industry, and the profits it can generate, is Yifan, CEO of Red Date Technology, then explains the potential of the NFTs market. NFTs, for him, “A truly revolutionary database”.

protection identification and financial freedom Already at risk with the implementation of the digital yuan shows us that the Chinese state’s public blockchain is only in its infancy. In this sense, the CEO of Red Data himself plans and explains:

In NFT-based vehicle license plate management, the vehicle owner, government, and insurance company have access to data such as mileage, engine number, and repair history and are all aware of the rights of others. »

Haivan

China’s association with NFTs is conditional on the use of the country’s infrastructure. It appears that NFTs only serve the interests of the national cryptocurrency and undermine the protection of anonymity. China hates Bitcoins and loves NFT in its own way. “A Memory Written in a Metaverse World” by the state-run Xinhua press, China is sure to come to terms with NFTs this year.

Will you support the Bitcoin revolution? It is up to you to get on the cipher train! To do so, and start learning about this exciting world, don’t wait for you Create an account on KucoinLeading Bitcoin and Cryptocurrency Trading Platform (affiliate link).

Leave a Reply

Your email address will not be published.