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China is planning to draw a line between cryptocurrencies and non-fungible tokens (NFTs) in much the same way it has done with digital currencies, after the country’s cryptocurrency crackdown hurt the local NFT industry.
The Blockchain-Based Service Network (BSN), a Chinese government-backed blockchain project, is working on supporting businesses and individuals to build platforms and applications to manage the infrastructure of NFTs, South China Morning Post report.
Officially known as the BSN Distributed Digital Certificate (BSN-DDC), the project aims to support the deployment of non-encrypted NFTs by providing an application programming interface to develop user portals and applications with fiat currency as the only payment method.
Emphasize that as long as NFTs are not used with Bitcoin, there are no legal issues in China (bitcoin) or other cryptocurrencies, Yifan He, CEO of BSN tech support provider Red Date Technology, said the upcoming infrastructure will use an open, permissioned blockchain to enable on-chain governance.
“Public chains cannot legally operate within China,” he told Cointelegraph, adding that hosting all NFTs in China urgently requires a credible, low-cost infrastructure. The executive added that without a dedicated nationwide NFT infrastructure, NFTs can only be deployed on “unreliable” private chains in the country.
By having a centralized entity manage the infrastructure and intervene in the event of illicit activity, Red Date plans to create a compliant NFT platform that is completely separate from the regular profiles of cryptocurrencies.
He noted that Red Dates is working with all DDC project partners to make the network as transparent as possible while complying with Chinese regulations and laws. All gas fees on the BSN-DDC network are paid in fiat currency.
“We will be serving NFT companies in Hong Kong, which means that if there is any international business involved in issuing NFTs within China, they can definitely choose to use the BSN-DDC network through our Hong Kong gateway.”
related: CBDC wallet tops Chinese mobile app store charts
State-owned China Mobile, China UnionPay and the State Information Center support BSN’s NFT infrastructure. He said the BSN-DDC will integrate 10 blockchains, including adaptations of Ethereum and Corda and WeBank’s Fisco Bcos.
Last year, Jujube Technology sign the agreement Launched two international BSN portals in Turkey and Uzbekistan in cooperation with the Turkish-Chinese Business Matching Center, a Turkish consulting firm.
As Cointelegraph reported, the new portal will enable blockchain developers in Turkey and Uzbekistan to build using the global BSN portal that hosts major blockchains such as the Ethereum network, Algorand, Polkadot, Tezos, ConsenSys Quorum, Corda, and more Blockchain-as-a-Service applications.
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