China does not want its ban on cryptocurrency to leave the country behind in the booming NFT space.
China does not want to be left behind in NFTs
Before the ban on crypto assets in China hurts the local NFT industry, the authorities in the country want to make a clear distinction between cryptocurrencies and non-fungible tokens (NFTs), just as they did with the Chinese CBDC, the digital yuan (e-CNY).
The South China Morning Post reports that BSN Network, a blockchain project backed by the Chinese government, is developing an infrastructure that will help companies and individuals build platforms and applications to manage NFTs.
Officially called the BSN-Distributed Digital Certificate (BSN-DDC), the project aims to support the launch of non-encrypted NFTs by creating APIs for developing portals and user applications where the country’s fiat currency is the only method of payment.
Yifan He, CEO of technology support provider Red Date Technology at BSN, confirmed that the upcoming infrastructure will use an open and authorized blockchain. To ensure an online governing body.
” Public channels cannot operate legally in China He said, adding that there is an urgent need for a credible and low-cost infrastructure to host all NFTs in China. Without a dedicated Chinese NFT infrastructure, non-fungible tokens can only be launched on private strings.” Untrustworthy Executive added.
The creation of an NFT platform completely separate from cryptocurrencies is on the horizon
By allowing a central entity to manage the infrastructure and intervene in the event of illegal activity, Red Date plans to create an NFT platform completely separate from cryptocurrency.
He noted that Red Date has been working with all project partners to make the BSN-DDC network as transparent as possible while maintaining its compliance with Chinese regulations and laws. All gas charges on the network will be paid in fiat currency.
” We will provide NFT business services in Hong Kong, which means that any international company dealing with NFT issuance in China can choose to use the BSN-DDC network through our Hong Kong portal. »
China Mobile, China Union Pay and China Information Center endorse BSN’s NFT infrastructure. He revealed that the network will integrate 10 blockchains, including modified versions of Ethereum and Corda, as well as Fisco Bcos from WeBank.
Last year, Red Date Technology signed an agreement with Turkish-Chinese consultancy TUCEM to launch two BSN international portals in Turkey and Uzbekistan. The new portals will allow blockchain developers in Turkey and Uzbekistan to build blockchain applications using the leading BSN portal that hosts major blockchains such as Ethereum (ETH), Algorand (ALGO), Polkadot (DOT), Tezos (XTZ), ConsenSys Quorum, Corda and others.
Despite their crackdown on cryptocurrencies, the Chinese authorities do not want to be ahead of not only the NFT industry, but also the launch of a CBDC. for that country planning to launch digital yuan to me On the eve of the Winter Olympics to be held in Beijing this year.
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Ann Lise Klein
Passionate about new technologies and information technology, blockchain and cryptocurrency is an area in which it has totally thrived. I am convinced that they are an important part of our future!