China will launch its “NFT empire”, but without cryptocurrencies

Китай запустит свою “NFT-империю”, но без криптовалют

  • BSN blockchain operator, popular in China, launches infrastructure for NFT operations
  • It is called BSN-DDC and is intended for business and private persons
  • Everything is as in regular blockchain, only transactions will be in yuan

The Chinese blockchain network Blockchain Services Network will unveil its own infrastructure for NFT this month. But unlike the usual ecosystems, it will be based not on cryptocurrencies and tokens, but on Chinese yuan. Reported by the journalists of the South China Morning Post.

“We have nothing to do with cryptocurrencies”

It is known that China has introduced a complete ban on mining and trading cryptocurrencies. Residents cannot even post videos with cryptocurrency. In addition, they warned that they will closely monitor companies that operate in the metaverse.

However, the law does not prohibit NFT. Here is how the representatives of Red Date Technology (the company that supports the Blockchain Services Network) commented on the news:

“NFTs have no legal barriers if they are not bound by cryptocurrencies”

Read also: China did digital yuan main currency of the Winter Olympics

Why China NFT

The new BSN-Distributed Digital Certificate (BSN-DDC) network will allow companies or individuals to create their own NFT management software. They can be used for contracts, logistics and other business purposes. But all payment will be made in RMB only. The infrastructure is almost ready and will start this month.

The CEO of Red Date predicts that in the next 5 years, China will implement NFT in all areas. But at the same time, the authorities do not want this technology to be associated with cryptography. Also, the blockchain will be completely under the control of the state.

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