China-backed Blockchain Service Network will release infrastructure this month as the first step in China's plan to build an NFT industry with no links to cryptocurrency, the South China Morning Post reported. GregAhl reports
He Yifan, chief executive of Red Date Technology, which provides technical support to BSN, told the SCMP that non-fungible tokens “have no legal issue in China” as long as they have nothing to do with cryptocurrencies.
The infrastructure, BSN-Distributed Digital Certificate , provides application programming interfaces for businesses or individuals, enabling them to build their own user portals or apps to manage NFTs. Only the Chinese yuan may be used for purchases and service fees.in October last year that it would launch the infrastructure in China by the end of this month.
The Red Date CEO said at the time that NFTs will be widely used in China in the next five years, but the government doesn’t want the technology to be associated with crypto or running on public, permissionless chains.DISCLOSURE The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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