Cryptocurrencies: 4511 / Markets: 53898 Market Cap: 24h Vol:
Cryptoknowmics
2022-01-14 09:30:27

China to Launch State-Backed NFT Infrastructure, Separate from Cryptocurrencies

China seems to be capitalizing on the booming NFT industry by building a state-backed blockchain infrastructure to support non-fungible tokens. However, the platform will have nothing to do with cryptocurrencies. According to the South China Morning Post (SCMP), the state-backed blockchain deployment infrastructure platform Blockchain Services Network (BSN) will allow users to manage their NFTs, with all purchases and service fees to be transacted with the Chinese yuan. The CEO of Red Date Technology, which gives technical support to BSN, He Yifan, assured that NFTs ‘have no legal issue’ within China and are free from legal troubles as long as they do not have anything to do with cryptocurrencies. He said that the infrastructure would utilize an open, permissioned blockchain to enable an on-chain governing body. Yifan explained as public chains are not allowed to operate in China, Red Date volunteered towards building a low-cost infrastructure for a Chinese NFT industry. The executive further added that the infrastructure platform will integrate 10 blockchain networks, including the adapted version of Ethereum, Corda, and Fisco Bcos initiated byWeBank, a Tencent-backed fintech. Ahead of its expected rollout by the end of January 2022, the infrastructure already attracted over 20 partners including video service provider Sumavision, Cosmos blockchain network, and digital receipt system maker Baiwang. “We will provide services t...

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer