China plans to create its own non-cryptocurrency NFT sector

Chinese state-owned blockchain giant Blockchain Services Network (BSN), which was established two years ago, is launching a new platform that supports non-fungible tokens (NFT). However, the platform won’t support cryptocurrencies.

The Chinese government wants to stay as far away from cryptocurrencies as possible, which is clear from their recent ban on mining, trade, and everything in between. But despite that, they support the technology behind digital assets – blockchain.

Now it seems that the Middle Kingdom wants to take advantage of the ongoing boom of NFT, another sphere strongly associated with cryptocurrencies. However, he wants to do it on his own terms.

As reported recently, the national BSN plans to develop an infrastructure that will enable users to deploy non-fungible tokens.

CEO of Red Date Technology He Yifan said NFT does not have legal problems in China as long as it is not related to cryptocurrencies.

The new platform, named the BSN-Distributed Digital Certificate (BSN-DDC), should be available by the end of the month. However, it will work differently than NFT transactions in the cryptocurrency world.

It will offer application programming interfaces for customers to build and manage user portals and NFT applications. The catch is that customers will only use the Chinese yuan for purchases and service charges. On the other hand, the user must interact with some type of digital asset in the cryptocurrency sector.

Initially, the new platform would incorporate eleven chains, including Fisco Bcos, which was established by WeBank. For regulatory purposes, local firms avoid using the term “NFT” and instead refer to such tokens as “digital collections.”

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.