China aims to separate NFTs from crypto
With upcoming infrastructure
China is planning to draw a strong line between cryptocurrencies and NFTs with a new project developed by state-backed Blockchain Services Network.
The Blockchain Services Network will introduce an infrastructure later this month to support NFTs that are not linked to cryptocurrencies, which are banned in China.
The infrastructure, BSN-Distributed Digital Certificate (BSN-DDC), will offer application programming interfaces for businesses or individuals, enabling them to build their own user portals or apps to manage non-crypto NFTs. Only Chinese yuan will be allowed for purchases and service fees.
While Bejing has banned cryptocurrencies, He Yifan, CEO of BSN’s tech support provider Red Date Technology, has made it clear that NFTs “have no legal issue in China” as long as they are distanced from crypto.
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